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Business Organizations Keyed to Allen
Page v. Page
Citation:359 P.2d 41 (Cal. 1961).
Plaintiff and defendant entered into an oral partnership agreement in 1949 for the purpose of operating a linen supply business. During the first two years, each party contributed approximately $43,000 in order to purchase land, machinery, and linen. The business remained unprofitable, losing approximately $63,000, between 1949 and 1957. A corporation, wholly-owned by the plaintiff, was the business’ major creditor holding a $47,000 note. Operations began to improve in 1958 with the partnership earning $3,824.41 in 1958 and $2,282.30 in the first three months of 1959. Despite the improvements, plaintiff sought to terminate the partnership.
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