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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 6
Warren Cole was a partner and employee of MAK West 55th Street Associates (MAK West), a limited partnership. The Partnership Agreement specified that upon Cole's termination of employment from MAK West, Cole would sell his partnership interest to Henry Macklowe within 90 days of Cole's termination. Some time later, Cole was terminated from the company, but the sale transaction of his interest in the partnership never occurred. The remaining partners later sold the partnership's sole asset and excluded Cole from any distribution from the asset sale. Cole sued, alleging that he still owned an interest in the partnership and was entitled to a portion of the proceeds from the sale. Was he?
Explanation
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Partnership Interest in a limited Liabil...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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