Jim Smith And Jerry Brown Case Summary

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Problem Jim Smith and Jerry Brown had been partners of a remodeling business for the last ten years. In April of 2007, partner, Jim Smith, passed away. The two partners had a written agreement providing for the dissolution of the business in the event of a partner’s death. The provision agreement indicated that: in the event of a death of a partner, the surviving partner would purchase the deceased partner’s interest in the partnership while the estate of the decedent would sell all of the deceased partner’s interest in assets. Also, the purchase price of the deceased partner’s interest shall be its book value at the end of the fiscal year preceding the death of such partner, plus a sum equal to 25% of the net earnings of the partnership…show more content…
Steps There were several steps taken in order for us to come to a conclusion in the case of Jerry Brown. The first step was to closely examine the client’s situation. To do this we broke down the case piece by piece. Then we paid extra attention as to what the written agreement detailed in the event of a death of a partner. Upon review of the provision and the client’s case it was clear that there were terms that were specific and others that were rather confusing. In order to better understand Jerry Brown’s situation research was conducted as our second step. Words phrases such as “surviving partner”, “death of a partner”, “partnership agreement”, and “partnership dissolution” were used in the RIA database. Various search results were brought up but those that helped us make our conclusion can be narrowed down the court case and several rulings which are referenced

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