Question: Brothers Don and Harley Shoemaker formed a partnership D
Brothers Don and Harley Shoemaker formed a partnership, D & H Real Estate. After 18 years, Harley withdrew from the partnership and asked for payment of the value of his partnership interest in accordance with the following provision in the partnership agreement: In the event that the remaining partner(s) and the . . . retiring partner are unable to agree upon the value to be assigned to the partnership shares, all interested individuals shall select an appraiser and in the event they are not able to agree upon an appraiser, the remaining partner(s) and the . . .retiring partner shall be entitled to select an appraiser with the appraisers separately submitting their appraisals. If the appraisals are within ten percent of each other, the value shall be an average of the two appraisals. If the difference in the appraisals exceeds ten percent, the two appraisers shall together attempt to reach agreement on the value and if unable to do so shall obtain a third appraiser with the three appraisers together agreeing upon the value. The appraisers shall determine the value of the partnership as a going concern with all assets to be valued at their fair market value. . . . The value of the partner ' s interest as determined in the above section shall be paid without interest to the withdrawing or retiring partner . . . not later than 90 days after the effective date of the dissolution or termination. When Don failed to pay the appraisal amount within 90 days of Harley's withdrawal, Harley demanded that he receive not only the amount determined by the appraisal, but also a share of the profits earned by the partnership after his withdrawal, as well as interest on the late payment. Did the court agree with Harley?
Answer to relevant QuestionsRoommates.com, LLC ("Roommates") operated a widely used website designed to match people renting out spare rooms with people looking for a place to live. Before subscribers to Roommates could search listings or post housing ...Nevada is alone among the states in making prostitution legal. Under Nevada law, brothels may be operated in certain counties in the state. In other counties in the state, they are unlawful. Where brothels may lawfully be ...Pietra Korda and Anna Kim were partners in an IT consulting business, K2 Solutions. They operated the business in a building owned by the partnership. The partnership purchased the building with the proceeds of a loan from ...Racing Investment Fund 2000 LLC was created in August 2000 to purchase, train, and race thoroughbred horses. The LLC ' s operating agreement provided for 50 membership units to be sold for an initial capital contribution of ...Virgina Mattson decides to form a limited partnership with herself as the sole general partner and with 10 friends and associates as the limited partners. She chooses the limited partnership form, because its default rules ...
Post your question