The law and business have been connected with each other for centuries. One of the ways law is defined is "An order or pattern of rules that society uses to govern the conduct of individuals, and their relationships are called Law" (pg 4). Business affects every aspect of our lives. It can involve goods or services that we use daily. Business can be the manufacturing of goods that we use every day or it can be of services that we need daily to maintain or sustain our life. In order for business to exists and continue, must generate profit. This profit can help business to grow, mature, create employment and better our lives. .
I have selected a scenario of the case involving a business partner who was listed as a limited partner initially than agrees and modifies the partnership agreement to become a general partner of the company thereby exposing himself to increased personal liability. My case name is American National Ins. Co. v. Gilroy, Sims & Associates, Ltd., (pg 898). Gilroy, Sims & associates, had contracted with a government agency to construct and lease a building. To finance the project the LLP had executed a loan agreement with American National Ins. Co. for a loan over 27 years of length. The original LLP members had assigned the government contract to the American National Ins. Company. Thomas Green and John Murphy Jr. were not the original partners of the LLP, and they had joined the LLP after the LLP had entered into an agreement and the loan agreements. Michael Sims represents the interest of William Sims, who has passed away. Who was the original partner of the LLP? The LLP had not been making payment of the loan consequently the lender has sought to recover the shortfall and the rents and the fund from the government contract. Granted a summary judgment in favor of American National Ins. Company and concluded that the evidence of receipt of profits from the partnership, along with the management of partnership business and signature on legal documents as owner, was adequate evidence of the trustee's partnership status.
