Homework 9:13

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Western Governors University *

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604

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Economics

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Feb 20, 2024

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4.1 1. No. Under RUPA §202(c) a person who receives a share to the business profits is presumed to be a partner. Because there are no profits, there is no partnership profits, there is no business partnership. 2. Yes. In order for there to be a partnership there must be two or more people who co-owners of a business for profit, and did not file paper work to operate business in some other form. Under RUPA §202(c) a person who receives a share to the business profits is presumed to be a partner. Because the students agreed to sell their outlines for profit and the profits will be used to buy snacks, it is considered a partnership. 3. Yes. In order for there to be a partnership there must be two or more people who co-owners of a business for profit, and did not file paper work to operate business in some other form. Under RUPA §202(c) a person who receives a share to the business profits is presumed to be a partner. The students dividing up the profits that they made off of selling their outlines creates a business for profit, and should make this considered a partnership. 4. No. In order for there to be a partnership there must be two or more people who co-owners of a business for profit, and did not file paper work to operate business in some other form. Under RUPA §202(c) a person who receives a share to the business profits is presumed to be a partner. Because the students all sign a document stating that it is not a business for profit and thus it is not a partnership could be considered paperwork to operate the business in some other form. 4.2 1. Because we are assuming that the study group partnership is governed by RUPA §401(f), which sates, “each partner has equal rights in the management and conduct of the partnership business” and there is a disagreement, there will be a vote by all partners of the study group. Each partner will get one vote and each vote is weighted equally. The matter will be approved if the majority of partners vote in favor of it. 2. Because we are assuming that the study group partnership is governed by RUPA §401(f), which sates, “each partner has equal rights in the management and conduct of the partnership business” and there is a disagreement, there will be a vote by all partners of the study group. Each partner will get one vote and each vote is weighted equally. The matter will be approved if the majority of partners vote in favor of it. In this scenario, I will most likely lose the vote because the majority of partners want to expand (RUPA §401(j)). 3. Like before, there will be a vote, and if the majority of partners want De Silva to be admitted, she can be admitted against my will. Because we are assuming that the study group partnership is governed by RUPA §401(f), which sates, “each partner has equal rights in the management and conduct of the partnership business” and there is a disagreement, there will be a vote by all partners of the study group. Each partner will get one vote and each vote is weighted equally. The matter will be approved if the majority of partners vote in favor of it. 4.3 1. There will be a vote, and because the votes are weighted equally to the partners percentage interest in the business and Anderson owns 65% of the business and Anderson wants to paint the exterior of the property beige, that will be the color that the exterior will be painted.. The

matter will be approved to be painted Beige because Anderson has the highest percentage and thus his vote is weighed more. 2. Because we are assuming that the partnership is governed by RUPA §401(f), which sates, “each partner has equal rights in the management and conduct of the partnership business” and there is a disagreement, there will be a vote by all partners. Each partner will get one vote and each vote is weighted equally. The matter will be approved if the majority of partners vote in favor of it. In this scenario, Anderson will most likely lose the vote because the majority of partners want to paint the building pink (RUPA §401(j)). 3. Under section 6, Anderson will need to get written consent from all partners to mortgage the property (b)(ii). If Anderson does not get written permission, he could be liable for violating the partnership agreement. 4. As a majority owner, Anderson could demolish the house and install a mini golf course so long as he does not have to take out a loan or spend more than $50,000. If he does either of those two, he will need to get written permission by the other partners, as expressed in section 6 of the partnership agreement. However, if he does not, he has the voting power to overrule the other partners for management descions. 6. Yes, under RUPA §103(b) this agreement violates it under section 6(iii)(d) by eliminating the duty of loyalty and duty of care. This violates RUPA §103(b)(3) and (4). Section b lists ten items that are essentially mandatory partnerships rules. This means that the rules will apply even if the agreement says otherwise.

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