Will roberts and hull have to pay a share of their surplus

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Reference no: EM131379355

Kerry Taylor owned a warehouse in the industrial flats of Parke Central City. Yale Roberts and William Hull were partners in a chain of restaurants called Pirate's Seafood Carousel.

Roberts and Hull leased Taylor's warehouse for their restaurant. As part of the agreement, Taylor received $7,500 in rent each month. Taylor retained office space on the top floor of the warehouse. She also agreed to allow Roberts and Hull to remodel the rest of the warehouse to meet the needs of their new restaurant. Taylor occasionally offered advice about the remodeling of the warehouse. In addition, after the restaurant opened for business, Taylor frequently signed for shipments that Roberts and Hull had ordered for the restaurant. After five years in this location, and after selling their other restaurants, Roberts and Hull decided to dissolve their partnership.

During the winding up process, they were surprised to learn that Taylor claimed that she should receive a share of the surplus cash after the dissolution of the partnership, because she claimed to be a partner in Pirate's Seafood Carousel. Is Taylor correct in her claim? Will Roberts and Hull have to pay her a share of their surplus cash? Explain.

Reference no: EM131379355

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