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 partnership interest and loaned the partnership $7,500 Daniels and McKenna each contributed $5,000 by way of capital After a year,...

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

Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels

Question:

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?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...