Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loaned the partnership $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the partnership is dissolved, at which time it owes $12,500 to its only creditor, Dickel, and has assets of $30,000. a. How should these assets be distributed? b. If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?
Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and loaned the partnership $7,500. Daniels and McKenna each contributed $5,000 by way of capital. After a year, the partnership is dissolved, at which time it owes $12,500 to its only creditor, Dickel, and has assets of $30,000. a. How should these assets be distributed? b. If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 33CE
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Gordon is the only limited partner in Bushmill Ventures, a limited
a. How should these assets be distributed?
b. If Bushmill Ventures had been formed as a limited liability company with Gordon, Daniels, and McKenna as members, how should these assets be distributed?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT