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Business Planning Keyed to Gevurtz
Costello v. Fazio
Citation:
256 F.2d 903 (1958)Facts
In 1948, a partnership called “Leonard Plumbing and Heating Supply Co.” was formed by Fazio, Ambrose, and Leonard. By September 1952, the partners’ capital contributions totaled $51,620.78 (Fazio: $43,169.61; Ambrose: $6,451.17; Leonard: $2,000). Before incorporating the business, Fazio and Ambrose withdrew most of their capital, receiving partnership promissory notes for $41,169.61 and $4,451.17 respectively, leaving only $2,000 each in the business. This occurred despite the partnership experiencing a net loss of $22,521.34 in its final year, with current liabilities exceeding current assets. The corporation was formed with just $6,000 in stated capital ($2,000 from each partner), and it assumed all partnership liabilities, including the notes to Fazio and Ambrose. After continued losses, the corporation filed for bankruptcy in 1954. Fazio and Ambrose then filed claims against the bankruptcy estate based on the promissory notes.
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