Property Distributions Were Invalid Without Deed
Article Abstract:
The District Court of Virginia held that land in the name of the partnership can not pass to, nor be encumbered by, partners unless deeds are executed transferring legal title to the partners.
Publication Name: Journal of Partnership Taxation
Subject: Business
ISSN: 0749-4513
Year: 1998
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General Partners Do Not Have Implied Power to Advance Legal Expenses
Article Abstract:
The Court held that general partners would be acting in conflict of interest by advancing legal expenses in a suit where they are the target of a lawsuit.
Publication Name: Journal of Partnership Taxation
Subject: Business
ISSN: 0749-4513
Year: 1998
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