Bullough v. Sims

CALLISTER, Justice:

George H. Sims founded a company known as Salt Lake Transfer Company. He had nine children and brought his two oldest sons, George A. and Milton, as partners into the business. George H. held a 60 per cent interest in the partnership and the two sons 20 per cent each. Profits were to be divided one-third to each.

On April 2, 1932, two days before his demise, George H. conveyed by bill of sale his partnership interest to his nine children in equal undivided shares. On April 5,. 1932, the two remaining partners, George A. and Milton formed a new partnership' which did not…