After reading this chapter, you will be able to answer the following questions: What is a partnership? What are the different ways in which a partnership can be formed? What are the rights of partners as they interact with each other? Are all members of a partnership liable for interactions with third parties?
Trang 1Partnerships: Nature,
Formation, and
Operation
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Trang 2Partnership Act Definition):
“Association of two or more persons to
carry on as coowners a business for profit”
Trang 3or other forms of business organization
time
Trang 4widow/representative of deceased partner
business/other property
Trang 5Formation of Partnership
Partnership agreement (“articles of partnership”)
should include:
Trang 6Partnership Duties
Trang 7Partnership Rights
Trang 8Accounting
access to partnership books
of “fiduciary duty”)
Trang 9Interactions Between Partners and Third Parties
(“joint and several” liability)
separately, or all partners jointly in one action; partners are collectively,
as well as individually, liable for partnership debts
partner
partnership’s business
Trang 10Partnership Act (RUPA)
Revised version of Uniform Partnership
Act (UPA); use of RUPA varies from state
to state