Results 1 to 3 of 3
  1. #1
    Join Date
    Jun 2005
    Location
    Alabama
    Posts
    5

    Default Partners Use of Assets

    Alabama is my State........Can a Partner use Partnership assets to benefit himself?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Partnership Assets

    That depends upon a lot of things. Can you be specific about (a) the nature of the partnership, (b) if there is a formal partnership agreement (and what it says in relation to the use of partnership assets), (c) the nature of the asset at issue, and (d) the nature of the use?

  3. #3
    Join Date
    Jun 2005
    Location
    Alabama
    Posts
    5

    Default Partnership Assets

    There was no written agreement. The Partner, is my son. We do file Federal Partnership returns. All loans on cattle and equipment were gotten in his name only, even though he told the loan officer that some one besides him owned the cattle, the Loan Officer did not even get a copy of a Bill of Sale for one tractor and the other one did not even have my Sons name on it.

    1. Sponsored Links
       

Similar Threads

  1. Business Finance: How to Split A/R Among Non-Equal Partners
    By Hickorydickory in forum Business Law
    Replies: 1
    Last Post: 10-01-2010, 07:46 PM
  2. Business Ownership: Commission to Partners
    By chiensivietnam in forum Business Law
    Replies: 1
    Last Post: 08-28-2009, 07:49 AM
  3. Business Disputes: Partners and Non-Compete Agreements
    By bailbust63 in forum Business Law
    Replies: 4
    Last Post: 06-25-2008, 07:38 PM
  4. Starting a Business: LLC With Foreign Partners
    By lloyddsilva in forum Business Law
    Replies: 1
    Last Post: 05-24-2008, 09:19 AM
  5. Business Ownership: Compensation of Partners in an S Corporation
    By Peggy Munroe in forum Business Law
    Replies: 4
    Last Post: 07-29-2006, 10:20 PM
 
 
Sponsored Links

Legal Help, Information and Resources