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Storyboard Text

  • Jennifer, Gerry, and Len Form Sterling Properties, LP
  • Sterling Properties, LP Grand Opening!
  • Jennifer and Gerry are General Partners
  • Len is a limited partner
  • Sterling LP engages in the business of buying, selling, and managing real estate.
  • A few months later...
  • !@#&*!
  • !@#&*!
  • Gerry's personal liability is limited to 25% of each partnership liability
  • Len discovers Jennifer and Gerry are inexperienced
  • He is entitled to 50% of all profits
  • Len becomes more involved with the day-to-day operations
  • 
  • Sterling LP is heading toward financial disaster!
  • Len met with prospective buyers, sellers of properties, negotiated loans, and was actively involved in personnel problems
  • Sterling LP is continuing to deteriorate
  • Jennifer has had enough!
  • Gerry calls Jennifer
  • Agreement
  • The partners begin blaming each other for the partnership's problems
  • Jennifer Does Not Care!
  • Jennifer withdrew from Sterling, LP
  • Anchor Bank Sues Sterling, LP
  • Gerry reminds Jennifer that the partnership agreement specifically prohibits withdrawal by a general partner without consent of other partners.
  • Len denies responsibility for the loan since he is a limited partner.
  • She advised Gerry and Len that she would take no part in further operations and will not be responsible for Sterling, LP debts.
  • The bank is suing each partner individually.
  • 
  • Jennifer denies responsibility on the loan since she withdrew from the partnership
  • Gerry Sues Jennifer for Withdrawing from the Partnership
  • Len assigns his limited partnership interest to Larry
  • 
  • Jennifer, Gerry, and Len Form Sterling Properties, LP
  • 
  • Larry wants to become a substitute limited partner
  • 
  • Sterling LP engages in the business of buying, selling, and managing real estate.
  • 
  • 
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