2.1 - Recap Partnerships Flashcards
1
Q
What is a partnership?
A
A partnership involves two or more people coming together to establish a businesses
2
Q
When will the law view you as a partnership?
A
If you are in an endeavour that looks like you’re trying to profit, even if you haven’t agreed or stated that verbally
3
Q
What are the three types of partnership?
A
- simple (traditional)
- limited
- limited liability partnership
4
Q
What do partners generally have the right to do?
A
The right to participate in the management of the firm
5
Q
How may a partner bind the partnership?
A
Through the exercise of actual or apparent authority
