https://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.png 0 0 milton https://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.png milton2020-07-21 23:56:002020-07-21 23:56:00Judith Carpenter was an experienced businesswoman and served on the board of directors of a bank.... 1 answer below »
Judith Carpenter was an experienced businesswoman and served on the board of directors of a bank. In 1984, Carpenter invested in BriargateHomes, a business that owned several condominiums. She believed that Briargate was a limited partnership and that she was a limited partner. In fact, Briargate was a partnership and she was a general partner. No attempt had been made to comply with the North Carolina limited partnership statute. By 1987, Carpenter had possession of documents stating that Briargate was a partnership and she a partner. As an owner of condominiums, the partnership was liable to the condominium association for assessments for maintenance, repairs, and replacement of common areas in the complex. In 1988, the partnership failed to pay $85,000 in assessments. The partnership and its partners were sued by the condominium association. May Carpenter escape liability on the assessment because she thought she was a limited partner?