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Aaron Rents Inc. v. Fourteenth Street Venture LP

The defendants intended to form a partnership, not a joint venture, when they formed a for-profit association with equal interests in the association's assets, profits and losses.

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In 1980, James Shepherd and Ian Stalker formed Fourteenth Street Associates for the purpose of acquiring and operating certain property. Fourteenth Street Associates purchased two contiguous tracts of property in Atlanta, and in 1984 it bought a third tract adjacent to the other two tracts.

In 1986, Fourteenth Street Associates refinanced the property with a $3,200,000 loan from The Life Insurance Company of Virginia “Life of Virginia”, secured by the property. At that time, the property was used as the headquarters for the Ball Stalker Company, which sold office furniture. In 1987, Aaron Rents, Inc., bought the Ball Stalker Company from its owners, one of whom was Shepherd. Aaron Rents later sued Shepherd and the other sellers for breach of various warranties involved in the Ball Stalker sale, and in 1991 obtained a $559,114 judgment against Shepherd.1

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