Biz Org: Partnerships, Agency etc

Question 1

What is a valid withdrawal from a partnership?

Answer 1

RUPA sec 601: an express showing of intent to withdraw, is valid even if wrongful or against terms of agreement

Question 2

“At will” Partnership

Answer 2

Default status when no definite terms are included in an agreement,

Question 3

What effect does a partner’s withdrawal have on partnership?

Answer 3

It ceases the business of the partnershp, dissolves it, and starts wind-up, however the withdrawing partners duties to partners does not end until wrap up is finished

Question 4

Duty of accounting

Answer 4

Covers the duty to disclose appropriate partnership opportunities