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Purchase Ownership - Partnership

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Two sisters, Kiesha and Karletha, formed a partnership to operate the family delicatessen. Six months later, Kiesha withdrew $4,500 from the partnership account and bought the New Wave Deli. The food license and property deed were obtained in Kiesha and her husband's names. Originally, Karletha approved of the purchase. However, Karletha never put her agreement in writing. Legally, who owns New Wave Deli: the family partnership or Kiesha and her husband?

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Solution Summary

This solution explains who owns New Wave Deli by law and explains why that party owns the deli. This scenario is completely explained, including the legal involvement of the deli, the family partnership, Kiesha, and her husband.

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A partnership agreement will always override any other actions. The sisters had an agreement between them for the partnership. The only case where the statute of frauds would prevail over a partnership agreement, even a verbal agreement, is if the partnership had a specific lifespan. In this ...

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