The third tract was acquired in the names of the


Virginia, Georgia, Carolina, and Louis were partners doing business under the trade name of Morning Glory Nursery. Virginia owned a one-third interest, and Georgia, Carolina, and Louis owned two-ninths each. The partners acquired three tracts of land for the purpose of the partnership. Two of the tracts were acquired in the names of the four partners, ‘‘trading and doing business as Morning Glory Nursery.''

The third tract was acquired in the names of the individuals, the trade name not appearing in the deed. This third tract was acquired by the partnership out of partnership funds and for partnership purposes. Who owns each of the three tracts? Why?

Request for Solution File

Ask an Expert for Answer!!
Business Law and Ethics: The third tract was acquired in the names of the
Reference No:- TGS02186004

Expected delivery within 24 Hours