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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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