Create an Account

Already have account?

Forgot Your Password ?

Mycoursehelp

Home / Questions / Liability of Partners At least six months before the Summer Olympic Games in Atlanta Geo...

Liability of Partners At least six months before the Summer Olympic Games in Atlanta Georgia Stafford Fontenot and four others agreed to sell Cajun food at the games and began making preparation

 

Liability of Partners.

 

At least six months before the Summer Olympic Games in Atlanta, Georgia, Stafford Fontenot and four others agreed to sell Cajun food at the games and began making preparations. On May 19, the group (calling themselves "Prairie Cajun Seafood Catering of Louisiana") applied for a business license from the county health department. Later, Ted Norris sold a mobile kitchen to them for $40,000. They gave Norris an $8,000 check drawn on the "Prairie Cajun Seafood Catering of Louisiana" account and two promissory notes, one for $12,000 and the other for $20,000. The notes, which were dated June 12, listed only Fontenot "d/b/a Prairie Cajun Seafood" as the maker (d/b/a is an abbreviation for "doing business as").

On July 31, Fontenot and his friends signed a partnership agreement, which listed specific percentages of profits and losses. They drove the mobile kitchen to Atlanta, but business was disastrous. When the notes were not paid, Norris filed a suit in a Louisiana state court against Fontenot, seeking payment. (See Formation and Operation.)

The first group will discuss the elements of a partnership and determine whether a partnership exists among  Fontenot and the others.

Aug 08 2021 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions

© 2009-2023 - myCourseHelp.com. All Rights Reserved. The certification names are the trademarks of their respective owners.