ACC 580 Team Project
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
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- 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.
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- 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
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- Jennifer, Gerry, and Len Form Sterling Properties, LP
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- Larry wants to become a substitute limited partner
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- Sterling LP engages in the business of buying, selling, and managing real estate.
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