SECTION B Chuck, Kathy, and Bob formed a partnership called, CKB Ranch, LP." CKB Ranch, LP (CKB) was located and licensed at the state of California. CKB's business goal was to buy and then sell old ranches to make a profit (very similar to flip a house). It was agreed in a partnership agreement that Chuck and Kathy were general partners and Bob was the limited partner because Chuck and Kathy were to manage CKB, while Bob was to contribute 80% of CKB's capital contribution. The partnership agreement also stated that the partnership would end as soon as the partnership earned $300,000. In the section on partners' compensation, the agreement simply read, "default to RUPA rule." As for dissociation, the agreement read that "upon a rightful dissociation, the remaining partners may buy out the dissociating partner with his/her capital contribution plus any undistributed profits." CKB purchased an old ranch in Arizona for $100,000. The old ranch came with 3 thoroughbred racing horses at fair market value of $50,000 for all 3 horses. CKB planned to increase the value of the old ranch by adding on a barn and a new stable for the horses. CKB had frequently visited Arizona old ranch. One day, Kathy was out of town on a business trip. Chuck and Bob were contacted by a contractor who quoted them $20,000 to build a new barn and new stable. Chuck andBob voted themselves without consulting Kathy and decided to build the new barn and new stable. To get money for the construction work, Chuck and Bob was also looking to sell their 3 racing horses. Without informing Kathy or Bob, Chuck was starting a company of his own. Chuck had called it "Fast Racing Horse Corporation." The state of incorporation was in California. To raise revenue for his company, Chuck had also issued 100 shares of preferred shares of stocks to 2 of his relatives. Chuck then purchased all 3 thoroughbred racing horses from CKB for $20,000. Chuck was able to get the horses for his racing company because he had managed to talk Kathy and Bob into selling the horses. Chuck then sold all three horses for $70,000. When the construction of the barn and stable were completed, CKB found a buyer to buy the now, new ranch, for $420,000. While the buyer and CKB were in escrow!, Bob had discovered Chuck's racing company and demanded profit splitting from Chuck's selling of the 3 horses. Bob was so mad at Chuck, Bob decided to leave the partnership. Upon leaving, Bob argued that as 80% of the capital contributor, he deserved 80% of the profit from selling the ranch. Bob demanded Kathy and Chuck to buy him out. On top of all, Bob wanted to sue "Fast Racing Horse Corporation" in Arizona. Wanting to cash out before the lawsuit, Chuck went ahead and liquidated "Fast Racing Horse Corporation." Please discuss five related legal issues