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News & Resources

News

[06/11] Rude traveling salespeople evicted from Minn. hotel
[07/02] Fugitive hedge-fund swindler surrenders in Mass.
[06/30] Oil is making millionaires in North Dakota
[06/23] Big Dig contractor files for bankruptcy
[06/20] Northwestern U. to offer 2-year law program

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[06/26] Fortis scrubs cash dividends; raising $2.35B
[06/21] Shareholders take brunt of banks' capital raising

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[07/03] EU musicians oppose Europe-wide online licensing
[07/02] EU, US near deal on pact on protecting privacy
[07/02] Review: Banking site MoneyAisle shows promise
[07/02] Microsoft to sell Office, OneCare for $70 a year
[07/01] Browser pioneer Andreessen joins Facebook board

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[07/03] Continental ordered to trial in Concorde explosion
[07/02] Starbucks to close 600 US stores, rein in growth
[07/01] NY court drops last claims against Grasso
[07/01] InBev pitches buyout to Bud owner's shareholders
[07/01] UBS announces major boardroom reshuffle

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[06/23] Blind advocates raise concerns about silent vehicles

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Articles

Business Partnerships

Partnership is one of the oldest forms of business organization. Historically, partnerships required no special establishment procedures, but could arise simply by virtue of two or more people acting in concert with a profit motive. Even today, individuals can face liability as partners based on their actions even though they never intended to formalize a partnership relationship. Increasingly, however, partnership laws employ formal requirements and protections in addition to retaining some of the form's traditional flexibility.

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What are the differences between a limited liability company and a partnership?

The main difference between an LLC and a partnership is that LLC owners are not personally liable for the company's debts and liabilities. This means that creditors of the LLC usually cannot go after the owners' personal assets to pay off LLC debts. Partners, on the other hand, do not receive this limited liability protection unless they are designated "limited" partners in their partnership agreement.

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Case Summaries

[07/02] Cavin v. Home Loan Ctr., Inc.
In a suit involving a mailer sent by defendant announcing its mortgage program and claiming that defendant violated the Fair Credit Reporting Act by failing to present plaintiffs' with a firm offer of credit, summary judgment for defendant is affirmed where: 1) the letter at issue presented a firm offer of credit, despite the absence of some material terms and the minimal number of consumers who obtained the loan; and 2) thus, defendant did not violate the FCRA.

[06/30] Waltrip v. Kimberlin
In a priority dispute between competing liens, by a judgment creditor and debtor's attorney, over settlement proceeds, judgment finding the judgment lien had priority over the attorney lien is reversed and remanded where: 1) the creditor had a lien which did not cover commercial tort claims while the settlement proceeds at issue stemmed from commercial tort claims; 2) the attorney lien was created by the retainer agreement between plaintiffs and counsel, and it was created before creditor filed a notice of lien in the pending action; and 3) the notice of lien did not relate back to prior liens, as those liens covered different property.

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[07/02] Chicago Bridge & Iron Co. v. Fed. Trade Comm'n
Petition for review an order of the Federal Trade Commission requiring petitioner to divest assets acquired from a Pennsylvania company since they would likely result in a substantial lessening of competition or tend to create a monopoly is denied where: 1) the FTC correctly applied the legal standards of burdens of proof and persuasion; 2) the FTC properly analyzed the "potential entry" defense and had substantial evidence to conclude that "potential entry" evidence was insufficient to rebut the prima facie case; 3) substantial evidence supported its factual findings; and 4) there was no abuse of discretion in the issuance of its remedy provisions.

[07/02] Rodriguez-Rivera v. Federico Trilla Reg'l Hosp. of Carolina
In a medical malpractice case against defendant-hospital presenting the issue of whether an Asset Purchase Agreement entered between past and present owners of the hospital absolved the current owner's liability for acts or omissions by the hospital's previous owners and/or operators, the circuit court finds that the terms of the asset purchase agreement not only could, but did, absolve the present owners from liability.

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[06/25] BRASHER'S CASCADE AUTO AUCTION v. VALLEY AUTO SALES AND LEASING
The former version of the California Uniform Commercial Code requires a merchant buyer to adhere to reasonable commercial standards to obtain the status of a buyer in the ordinary course of business for purposes of section 9307.

[05/26] PROPULSION TECHS. v. ATWOOD CORP.
An agreement to manufacture boat parts is unenforceable under the Statute of Frauds as a transaction in goods with no ascertainable quantity term, thus the claim for fraud in the inducement cannot survive.

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[07/02] City of Geneseo v. Utilities Plus
In an action to recover damages from corporate defendant based on claims of contractual breach, unjust enrichment, promissory estoppel, and fraud, summary judgment for defendant is affirmed where: 1) defendant's president was found to lack actual authority to enter a binding contract on the company's behalf; 2) the doctrine of apparent authority, which was limited under state laws, did not alternatively create a contract to be enforced; and 3) plaintiff had no basis to recover damages under alternative principles of contractual remedies.

[07/01] In the Matter of Venigalla v. Nori
Article 9 of the Religious Corporations Law does not provide for any elections, other than votes of the trustees themselves. Thus, provisions in the bylaws of an entity incorporated under the Religious Corporations Law, which called for election of trustees by the "General Body", facially contradicted Article 9 and were invalid from their inception.

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Frequently Asked Questions

What is the legal procedure for merging two companies?

What is "piercing the corporate veil?"

Learn More: Business Organizations

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