- 17 - Jonell did not carry out the other part of his authority under the power of attorney by executing the partnership agreement on behalf of Mr. Doyle. Additionally, we note that Mr. Doyle later consented in a signed writing that Mr. Farley act as general partner after Mr. Jonell had resigned. This would indicate that some agreement in respect of the operations of the partnership existed and that, absent any contrary evidence, the agreement attached to the private placement memorandum represented that understanding. Furthermore, petitioners have not offered any evidence to indicate that there is a different agreement from the one in the record which governs the partnership of which Mr. Doyle was a member, nor that the partnership agreement in the record pertains to a different partnership. Petitioners concede that Mr. Doyle was a partner, and it is established that the 29 partners involved invested $425,000 in the partnership. Under these circumstances, we think it highly unlikely that there was not an executed partnership agreement. However, we find it unnecessary to find as a fact that the partnership agreement attached to the private placement memorandum was executed. We simply hold that petitioners have failed to carry their burden of proof that it was not executed. In this context and having in mind the difference in the location of the burden of proof in this case as contrasted with thePage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
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