Legal Question in Business Law in Texas
Partnership assets
In a partnership business, partner #1 previously owned the equipment. When the partnership broke up. Is the equipment considered 50% owned by partner #2?
Asked on 7/10/03, 5:40 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Partnership assets
When a partnership is dissolved, the assets are balanced against the liabilities, and the remainder is distributed between the partners. If there are no liabilities, and the only assets are the equipment, then that's divided between 1 and 2.
Answered on 7/10/03, 5:49 pm
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