2 - Obligations of a Partner Flashcards
Obligations of partners among themselves
Obligations w/ respect to contribution of property
What is the obligation of the partner if he made a promise to contribute a particular property (money, goods, and services)?
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nature of contribution
How is a credit from a third person to the partnership treated when the managing partner also has a credit from the same third person?
What’s the rule in relation to receipt of money?
SITUATION Obligation to the partnership and to the managing partner are both due and demandable and there’s only one receipt of money coming from the same debtor.
Generally
The exception,
who appraises the goods that were contributed
1.
2.
3.
responsibility of the partnership
- 3.
Management of Partnership > GEN MP power is irrevocable. What are the exceptoins
1.
What are the property rights of a partner?
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other rights of partners
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5.
consequences of “co-ownership” of partnership property
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4.
what are the partner’s INTEREST in the partnership?
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