Tim and Tom are twins. They live and work near the beach - 24257

Solution Detail
Price: $5.00
  • From: Business,
  • Posted on: Fri 06 Sep, 2013
  • Request id: None
  • Purchased: 0 time(s)
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Request Description

Tim and Tom are twins. They live and work near the beach and are also partners in TnT, Inc., a bicycle messenger service. When deliveries are few, especially in the summer, Tom without telling Tim, rents the extra bicycles to tourists who want to explore the resort area. Because the bicycles aren’t being used for deliveries, is it acceptable for Tom to keep the proceeds he receives from renting leasing the unused bicycles? Explain your answer based on the facts in the scenario in the context of partnership law.

Solution Description

Under partnership law both parties have the legal right to share in any profits that are made by the company and are liable for any losses (Powers, 2004).