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Homework answers / question archive / Prompt Bill and Bob own Busy B’s Apiary

Prompt Bill and Bob own Busy B’s Apiary

Management

Prompt

Bill and Bob own Busy B’s Apiary. The provide pollination services to farmers for crops that need pollinators on site for specific times of the year. They also sell honey.

They each invested $50,000 to start the business as a general partnership and after operating successfully for several years the partnership is worth $150,000.

Bill has $40,000 in personal assets and Bob has $70,000.

One night, Bill gets into a fight at the local bar and breaks another guy’s nose. Bill must pay $20,000 for committing ________________.

Bill clearly has anger management issues because his wife leaves him and he owes $10,000 immediately in the divorce settlement.

Then, then a Busy B’s employee is moving hives to a field, he overturns the truck and the bees escape, stinging a passerby who is allergic and must be hospitalized. The personal injury and property damages from the accident amount to a $200,000 judgment because they allowed the insurance to lapse. The worker has injuries and lost work time from the accident as well, amounting to $5,000.

Fill in the blanks...

Who pays and how much will be paid to each person injured in this scenario? For each one—why?

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Guidelines

One point for a complete original response to the prompt, and/or one point for a meaningful response or follow up question to classmates' posts.

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One night, Bill gets into a fight at the local bar and breaks another guy’s nose. Bill must pay $20,000 for committing Battery ( Depending on the circumstance it could be assault and battery)

Bill will personally owe 20,000 to the guy with the broken nose and the 10,000 to his wife from their divorce. These payments have nothing to do with the business in which Bill and Bob are partners in. Bill did not break the nose of the guy while working on the clock. And the divorce is a personal situation. 

Although both Bob and Bill are liable for the personal injury and property damage resulting from their employee's truck being overturned. Once paying off the 30,000 dollars bill will have 85,000 dollars in combined personal and business assets. While Bob will have 145,000 in combined business and personal assets. Each partner should pay the same amount of 100,000 dollars, but because Bill only has 85,000 dollars, Bob as the partner is liable for making up the difference, and paying 115,000 dollars. This is as the two are in a general partnership with unlimited joint and several liability.

(Note I just realized that I forgot to take into account of the 5,000 dollars owed to the employee):

With this into account Bill would still pay the same amount as that is all he is able to pay, and Bob would have to pay 120,000 dollars.

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