Business Entities

Question 1

Partnership

Answer 1

UPA Section 6:

• Two or more persons, corporations, partnerships
• With a plan to start a business, which is for profit.
• UPA Section 15: Joint and several liability

UPA Section 7: Rules for determining if there is a partnership
-Sharing the profits and losses of the business is PRIMA FACIE evidence that there is a partnership

Common law elements:

• Feinwick
• What do the partners bring to the table between money, skills, expertise?

Question 2

UPA Section 15

Answer 2

Jointly for all other debts and obligations of the partnership; but any partner may enter into a separate obligation to perform a partnership contract.