RSM225H1 Lecture Notes - Lecture 1: Limited Liability Partnership, General Partnership, Sole Proprietorship
Document Summary
Steps for ling lawsuit: pf: plainti , dt: defendant, discovery: exchange relevant documents in possession and examine each other, per-trial conference: settlement, trial. Cover whether gpp(any owner and lawsuit later of other share) or not gpp (co-ownership and only x is responsible since he incurred the debt). Legal duties: x can sue y and turnover of the pro ts y makes in a separate competing business. If both partners default their contracts then gpp vs not a gpp. X can sue y for his part of the unpaid rent even though it was without his approval (and if not agreed on di erently y share will be half). If they have co-ownership then they can compete no permission required: note: how they share revenues and expenses both if not then its co- ownership. If the case says pro ts ( expect revenues and expenses are shared).
