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den301095 [7]
2 years ago
5

Rundles, Kreiger, and Larson formed a partnership to breed and show horses. Rundles and Kreiger each contributed $25,000 to the

partnership. Larson contributed four (4) horses valued at $25,000. The partnership agreement provided that the partners would share profits equally. When the horses failed to perform as expected, Rundles and Kreiger decided to reduce Larson's share of the profits. Larson claims that this decision must be unanimous to be binding. How will the case be decided?
Business
1 answer:
earnstyle [38]2 years ago
8 0

Answer:

Judgment will be for Larson. Although a decision by the majority of the partners in a partnership will control in matters concerning the ordinary operations of the firm business, such a decision is not binding if it contravenes the partnership agreement. In this case, the agreement provided that the partners would share profits equally. The decision by Rundles and Kreiger is therefore not effective, since is not based on the unanimous consent of all partners.

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Answer:

false

Explanation:

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3 years ago
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neonofarm [45]

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4 0
2 years ago
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Each year the framing machine reduces by $10,000 meaning in 2022 the depreciation will be $10,000.

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We've established that every year the value drops by $10,000.

On December 31, 2021, it dropped by $10,000.

On December 31, 2022, it dropped by another $10,000.

Adding that together gives you 10,000 + 10,000 = $20,000.

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Subtract that figure from the cost,

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8 0
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3 years ago
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