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MEE - Agency & Partnerships > 5. Management & Operation Of General Partnership > Flashcards

5. Management & Operation Of General Partnership Flashcards

1
Q

What is the rule for voting rights of partners?

A 
Equal rights
Equal votes (one vote, one partner)
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2
Q

What voting is required for approving business decisions?

A

Ordinary course of business
- Majority vote

NOT ordinary course of business
- Unanimous vote

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3
Q

Are partners entitled to compensation/salary?

A

NO

EXCEPTIONS

  • Winding up services
  • Guilty partners’ failure to devote time to partnership as promised
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MEE - Agency & Partnerships (13 decks)

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