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items, maintain records, and cooperate fully with respondent’s
reasonable requests. Petitioner therefore bears the burden of
proof.
Issue 1. Whether Petitioner Was a Partner in PTSI
In 1990, petitioner entered into an agreement titled
“Limited Partnership Agreement of Physical Therapist Search
International, Ltd. Limited Partnership” (the agreement). The
other party to the agreement was an Illinois corporation called
PT Search International Ltd. (the corporation). The agreement
provides that petitioner and the corporation “hereby enter into a
limited partnership” for the purpose of placing physical
therapists in hospitals and healthcare facilities. The agreement
lists petitioner as a limited partner and the corporation as the
general partner and tax matters partner.
The agreement provides that petitioner “shall make an
Initial Capital Contribution in the amount of $100,000 and shall
receive a four percent (4%) Participating Percentage” in PTSI.
The agreement provides that the corporation shall contribute
$50,000 and receive the remaining 96-percent participating
percentage. “Participating Percentage” is defined as the
interest of each partner in the partnership. Petitioner invested
$100,000 as specified in the agreement. The parties did not
address whether the corporation invested $50,000 in PTSI, though
we have no reason to believe it did not do so.
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Last modified: May 25, 2011