1 page/≈275 words
Business & Marketing
BL Unit V Assessment 1 of 2 (Essay Sample)
Ralph Kramden and Ed Norton were general partners in a retail mattress store. Kramden contributed $50,000 cash to the business and Norton contributed $25,000 to the business. Kramden purchased a delivery van using $15,000 of the partnership funds. The van's certificate of title listed Kramden as the owner. The business used the van for two years during which time the business paid all of the taxes and maintenance expenses. Kramden and Norton decided to close the business after two years. They dissolved the partnership and sold the assets. Kramden sold the van, but refused to share the process of its sale with Norton because he claimed that he owned the van. Was the van a partnership asset? Should Norton receive a portion of the proceeds from the sale of the van? Present the rationale for your determination supported by concepts from your textbook and research. Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style. source..
General Partnership Name: Institution: Date: GENERAL PARTNERSHIP Ed Norton and Ralph Kramden are individuals that came to a term of forming a general partnership in a mattress retail store. General partnership can be termed as a business entity that comprises of two or further entities for carrying out a business or trade (Cheeseman, 2013). As required of the partnership, both partners contributed towards the establishment of the retail store. Kramden contributed fifty thousand dollars while Norton contributed twenty five thousand dollars. Kramden used fifteen thousand dollars of the partnership funds in purchasing a delivery van, whose certificate of title was under his name. Find herein the rationale that determines the van as a partnership asset and Norton’s participation in sale process. ...
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