-144- $10,000 for GHM, or (3) recall whether the board of directors held meetings at GHM or the membership of the board. Connolly, Transcr. at 2650-2653. h. Essex Partnership Operations Essex Partnership’s stated purposes were (1) “To engage generally in the consulting business and as a liaison intermediary between owners and operators of hotel properties”, and (2) “To enter into other partnership agreements * * *, to become a member of a joint venture, or to participate in some other form of syndication for investment; and to buy, sell, lease, and deal in services, personal property, and real property.” Exh. 347. Although the partnership agreement required its partners to contribute the capital needed to operate the partnership, very little, if any, actual capital contributions were ever required from them. There is no evidence that IRA or THC contributed any capital to Essex Partnership. Petitioners’ Reply Brief at 457. Essex Partnership had no office, equipment, or employees because employees of MHM performed many of the consulting services that GHM needed. John Formby, an accountant working for Lexington Investment Co., provided services to MHM and was given a power of attorney to act on behalf of Essex Partnership.Page: Previous 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 Next
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