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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 8
Gerald and Gary Carlson were brothers who formed a farming and ranching partnership. Land used for partnership business was held and titled individually by each brother. The purpose of the partnership was to pay expenses associated with the individually held land, such as mortgage payments, insurance, and taxes. The partnership also paid many personal and household expenses for each partner's family. After the partnership began to experience financial difficulty, the partners expressly agreed to limit expenses to mortgage payments, real estate taxes, utilities, life insurance premiums, vehicle payments, and property and vehicle insurance premiums. Two years later, Gerald Carlson, as managing partner, stopped paying the premiums for Gary Carlson's life insurance policy but continued to pay for his own policy with partnership funds. Gerald told his brother that he was still making payments for the policy. Gary Carlson's life insurance policy was terminated for failure to pay the premiums. Gary Carlson sued for breach of fiduciary duty. Should Gerald Carlson be liable?
Explanation
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Piercing the LLC Veil:
If a court deter...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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