Jerry Hoagland v. Roger C. Finholt

This suit arises from a mutual endeavor of plaintiff Roger Finholt and defendant Jerry Hoagland to acquire a ninety-six-acre tract of land and develop a mobile home park. The parties either formed or attempted to form a limited partnership for this purpose. In a declaratory judgment action by the putative general partner, Roger Finholt (GP), against the putative limited partner, Jerry Hoagland (LP), the trial court held that no limited partnership was ever formed in accordance with applicable law. From this premise, the court went on to hold that all of the assets of the endeavor thereby became the assets of GP. We disagree with this final conclusion; therefore, we reverse and remand.