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formed in California as limited partnerships. RCR #5, RCR #6,
OGT 87, and OGT 90 were formed in California as general
partnerships, and RCR #7 was formed in Nevada as a general
partnership.
Petitioners’ argument that under State law a partnership is
its partners provides no legal support for their conclusion that
the partnerships were victims of theft. Under California limited
partnership law, a limited partnership is a partnership formed by
two or more persons under California law and having one or more
general partners and one or more limited partners. Cal. Corp.
Code secs. 15501, 15611(1) (West 1991 & Supp. 2002). Pursuant to
California and Nevada general partnership law, a partnership is
an association of two or more persons to carry on as co-owners a
business for profit. Cal. Corp. Code sec. 15006(1); Nev. Rev.
Stat. Ann. sec. 87.060 (Michie 1999 & Supp. 2001). It is obvious
by definition that a partnership comprises of its partners.
However, no conclusion can be drawn from this fact alone that a
theft from the partners is a theft from the partnerships.
Petitioners’ argument that the partnerships were defrauded
because the partnerships are aggregates of all the partners who
were defrauded is unsupported by California and Nevada law. This
argument is a refined rendition of petitioners’ first argument
and is based on their conclusion that for all purposes a
partnership is an aggregate of its individual partners.
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