Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited

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Gordon is the only limited partner in Bushmill Ventures, a limited whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited interest and loaned the $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the is dissolved, at which time it owes $12,500 to its only creditor, Dickel, and has assets of $30,000.
(a) How should these assets be distributed?
(b) If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?

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a In a limited partnership Section 804 of RULPA provides Dickel 12500 ... View full answer

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