Question: Kate Haley an experienced builder formed a limited partnership in
Kate Haley, an experienced builder, formed a limited partnership in August 2011, along with two limited partners, Drs. Growbioski and Gailen, who each provided $100,000 to the partnership for initial capital for the construction of a medical office building near Stowe, Vermont. With the bustle of getting building and environmental permits and placating abutters to the property, as well as lining up suppliers and subcontractors and getting the job started, Kate simply did not find an opportunity to take the long drive to file the certificate of limited partnership with the secretary of state's office in Montpelier. A confluence of bad weather, an accident causing serious personal injury, financing disappointments, labor difficulties, design problems, and some personal problems resulted in the project being stopped before completion with some $550,000 in overdue bills. Dr. Growbioski has been approached by several suppliers and craftsmen seeking payment for supplies and work performed. As a limited partner, he believes that he is not liable for firm debts beyond his investment, which was $100,000. Explain to Dr. Growbioski his obligations at this point.
Relevant QuestionsAlice Meyers, Monroe Moylan, and Bart Means practice medicine as Bay Area Anesthetics Associates (BAAA), a limited liability partnership. A newly certified nurse anesthesiologist, Mary Noyes, working with Dr. Means and not ...Hacienda Farms, Ltd., was organized as a limited partnership with Ricardo de Escamilla as the general partner and James L. Russell and H. W. Andrews as limited partners. The partnership raised vegetables and truck crops that ...Compare and contrast consolidations, mergers, and conglomerates.On August 19, 1980, Joan Ioviero injured her hand when she slipped and fell while leaving the dining room at the Hotel Excelsior in Venice, Italy. This hotel was owned by an Italian corporation, Cigahotels, S.p.A. (The ...Ken and Charlotte Maschmeier were the majority shareholders of Southside Press; each owned 1,300 shares. Marty and Larry Maschmeier, who each owned 1,200 shares of the corporation, had a falling out with Ken and Charlotte ...
Post your question