Partnership-Case-Digest-20-23.docx

ALDECOA & CO., plaintif-appellant, ALDECOA plaintif-appellant, vs. WA WARNER, RNER, BARNES & CO., LTD., deendant-appellee. FACTS: Wane, Wa ne, Banes Banes and C!. and Alde"!a and C!. C!. !#ed a $!inta""!%n a"" !%ntt pa patn tnes esip ip t t! !%' %'  ve ve(al (al a' a'ee ee#en #ent, t, t te e sai said d patnesip )as esta(lised and te* (!t a'eed tat te* )!%ld sae e+%all* te p!ts and l!sses ! te (%siness !  'atein' 'atein ' and st!in' e#p in Al(a* and sellin' it in anila ! ep!tati!n, and tat te "!##e"ial # ! Wane, Banes and an d C!. C!.,, Ltd Ltd., ., )as t te e #an #ana'e a'e ! t te e sai said d $!i $!int nt-a" -a""!% "!%nt nt patnesip. Late Lat e !n, te le' le'al al e ep pese esent ntati ative ve ! Al Alde de"!a "!a and C! C!., ., in li+%id li+ %idati ati!n, !n, le led d s%i s%itt in t te e CF/ ! an anila ila a'a a'ain inst st Wa ane ne, , Banes and C!., Ltd., alle'in' tat te deendant, as #ana'e ! te $!int-a""!%nt patnesip, ne'le"ted t! "!#pl* )it )at is espe"iall* pes"i(ed in ati"le 012 ! te C!de ! C!##e"e, as a d%t* t! ineent t! its p!siti!n as #ana'e ! te $!inta""!%nt patnesip, )i" is tat ! endein' an a""!%nt )it v!%" v!% "es es,, and t tat at ! li+ li+%id %idati atin' n' t te e sai said d (% (%sin siness ess,, ! it e%ses e%se s t! %nis te plaintif te d!"%#ents e+%ied ! tei ea#ina ea #inati!n ti!n and ve vei"at i"ati!n, i!n, and als! e e%ses %ses t! ea eali3e li3e te # assets (* sell sellin' in' te )a )ae!% e!%ses, ses, !%ses, and !te !te p!pet* )i" "!nstit%te te "apital. /ss%e:  Tis liti'ati!n "!n"ens "!n"ens te endein' ! a""!%nts petainin' t! te #ana'e#ent ! te (%siness ! a $!int-a""!%nt patnesip !#ed (et)een te t)! liti'ants "!#panies. 4eld: /t is a %le ! la) 'eneall* !(seved tat e )! ta5es "a'e ! te #ana'e#ent ! an!te6s p!pet* is (!%nd i##ediatel* teeate tee ate t! end ende e a""!%nts "!vein' is tansa"ti!ns7 and tat it is al)a*s t! (e %ndest!!d tat all a""!%nts endeed #%st (e d%l* s%(stantiated (* v!%"es. /t is !ne ! te d%ties ! te #ana'e ! a $!int-a""!%nt patnesip, t! li+%idate te assets tat !# te "!##!n p!pet*, and t! state te es%lt !(tained tee!# in te nal endein' ! te a""!%nts )i" e is t! pesent at te "!n"l%si!n ! te patnesip. L/ TAN48 v. 4ON. 9OSE R. RAOLETE .R. N!. L-1;;