Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Homework Help/Study Tips Expert

Can you help me understand the problems below. They each made a $10,000 profit so far, but since they've invested some back in to another house depending on the sale of that property the funds could decrease. I'm also not sure what other legal issues are present.

Jamie, Louis, and Lisa form a partnership, under a written agreement each signs, to buy, renovate, and resell old houses in an area near a major university. The neighborhood in which they plan to focus their activities is quite rundown, but they and others believe it will rapidly improve once a few properties in the area are renovated. The partnership agreement says that they plan to be in this venture "at least five years, or until they can recover their original investment plus a good profit." Each of the three partners puts up $50,000 in cash. One strategy of the partnership is to avoid bank financing and its associated fees, thus the partners plan to use the proceeds of sale on the first house to invest in a second, and so forth. They spend $90,000 to purchase their first property, on which they spend an additional $40,000 in renovation, and then sell for $160,000. They purchase the second property for $100,000 and have begun renovation that is expected to cost $35,000 when Ann suddenly attempts to withdraw from the partnership. Can Lisa withdraw from the partnership? What other legal issues are present in this situation? It has been a year and a half since the partnership was formed.

Homework Help/Study Tips, Others

  • Category:- Homework Help/Study Tips
  • Reference No.:- M935502

Have any Question? 


Related Questions in Homework Help/Study Tips

Using the doc sharing articles as a starting point1 how are

Using the Doc Sharing articles as a starting point: 1) how are law enforcement officers trained about youth gangs? Present a detailed overview of currently available training designed to teach law enforcement officers ab ...

Assignment in-depth audience analysislocate your local

Assignment: In-Depth Audience Analysis Locate your local Chamber of Commerce's community profile either online or in printed material that describes your local community. Write a three to four page paper on the following ...

How can past ea level changes inform us about future

How can past ea level changes inform us about future anthropogenically driven sea level changes? Rough notes to guide: -Diagnosis encouraged -Rate has increased over the last 100 years -What is anthropogenically driven s ...

Using what you learned from your readings describe

Using what you learned from your readings, describe challenges LGBT individuals may encounter in a career setting and discuss possible strategies counselors can use to work with and advocate for these clients. What are s ...

1 encourage further dialogue and discussion2 encourage your

1. encourage further dialogue and discussion 2. encourage your classmate to think about other aspects of the topic 3. ask a relevant, meaningful question to better assist with your understanding 4. compare and/or contras ...

Assignmentoverviewdescription the final assignment will

Assignment Overview/Description: The final assignment will synthesize what you have discovered about the different advanced practice roles and scope of practice found in the master of nursing curriculum: NP, nurse educat ...

Nbspfinal exam - interpersonal communicationi - select the

Final Exam - Interpersonal Communication I - Select the best answer for each of the following multiple choice questions. 1. Acting as though you don't hear someone and not making any response is which type of disconfirmi ...

Current events journalfind an article website or video that

Current Events Journal Find an article, website, or video that has information relating to Human Ecology (how humans interact with their environment). They can be from any time period. Write a brief summary (200 words) a ...

Risk assessment is the process of forensic mental health

Risk assessment is the process of forensic mental health professionals for determining the risk that a sex offender presents to the community at large. Tasks: Using resources from the professional literature, research ri ...

This two part paper focuses on the psychological

This two part paper focuses on the psychological experiences of soldiers engaged in urban firefights and prisoners of war and the issues faced historically and in modern day by mental health professionals treating combat ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro