subject
Business, 25.04.2020 02:11 Calliedevore

Do not rewrite the case, simply submit your 100 response.

Shirley Lach and Lynwood Wiseman formed Man O' War Limited Partnership. Robert Miller and Wiseman were the general partners, and Lach was one of the limited partners. Miller discovered he was terminally ill. He asked Lach to agree to Wiseman, Jeffery Mullens,(brother-in law of Robert Miller), and Jonathan Miller (son of Robert Miller) as the new general partners. Under the partnership agreement, new general partners could not be added without the consent of all partners. Lach objected as the proposal would permit the Miller family, which owned less than Lach's individual interest, to manage and control the business. Miller and Wiseman restructured the business form of the partnership to eliminate the necessity of acquiring Lach's consent to the proposed management change. By forming Man O' War Limited Liability company and transferring the partnership's interests and assets in the proportions of their previous partnership ownership, they set up an entity run by a majority vote of the owners. The initial managers were Wiseman, Jonathan Miller, and Mullens. They dissolved the partnership. Unless a partner signed the documents validating the restructuring, that partner would have no voting rights in the LLC. Lach refused to sign. Records of the partnership's attorney showed the restructuring was to avoid requiring Lach's consent to the management changes. Lach sued, alleging the general partners had breached their fiduciary duty to her and the partnership. Had they? Explain your viewpoint.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 20:30, aidy8665
Afactory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. however, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random at various stages of their manufacture. if a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. how is this factory owner seeking to solve the agency conflict problem in this case?
Answers: 2
image
Business, 22.06.2019 08:30, BigDough9090
Acompany recorded a check in its accounting records as $87. however, the check was actually written for $78 and it cleared the bank as $78. what adjustment is needed to the personal statement? a. decrease by $9 b. increase by $9 c. decrease by $18 d. increase by $9
Answers: 2
image
Business, 22.06.2019 09:30, cwebb4383
Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?
Answers: 2
image
Business, 22.06.2019 17:30, nikki8240
Communication comes in various forms. which of the following is considered an old form of communication? a) e-mail b) letter c) skype d) texting
Answers: 2
You know the right answer?
Do not rewrite the case, simply submit your 100 response.

Shirley Lach and Lynwood Wisem...

Questions in other subjects: