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Blaw #4 > Ch. 41 Partnerships > Flashcards

Ch. 41 Partnerships Flashcards

1
Q

The law sees what you do
If a person represents a non-partner as a member of the partnership, that creates an ostensible partnership or partnership by estoppel, and the “ostensible” partner has apparent authority

A

Partnership by Estoppel

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2
Q

an association of two or more persons to carry on as co-owners in a business for profit

A

Partnership

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3
Q

-Formed by agreement contract express or implied
-Formal written agreements are generally not required

A

Formation of Partnership

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4
Q

-Natural persons with capacity
-other entities, corporations, LLC, limited partnerships

A

Persons who can be partners

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5
Q

-persons lacking capacity, children and mental incompetents

A

people who cant be partners

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6
Q
  1. control-yes
  2. sharing profit/loss yes
  3. gross returns no
  4. contribution of skill/ labor no
  5. fixed payment
A

Determining existence of a partnership

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7
Q

what is the strongest evidence for the existence of a partnership?

A

Sharing profits and losses

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8
Q

Partnership agreements are

A

express
implied
based on estoppel

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9
Q

Partnership authority is

A

express
customary/ implied
and based on estopple

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10
Q

partnership property

A

property belongs to the partnership not individual partners

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11
Q

creditors seeking payment

A

creditors of an individual partner can not reach partnership assets but must rely upon a charging order

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12
Q
  1. cessation of business
  2. suretyship
  3. arbitration
  4. confession of judgemnt
  5. assignment for creditors
  6. personal obligations
A

Prohibited transactions of partnerships

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12
Q
  1. cessation of business
  2. suretyship
  3. arbitration
  4. confession of judgemnt
  5. assignment for creditors
  6. personal obligations
A

Prohibited transactions of partnerships

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13
Q
  1. management
  2. inspection of books
  3. share of profits
  4. compensation
  5. repayments of loans
  6. payment of interest
  7. contribution and indemnity
  8. distribution of capital
A

Rights of Partners

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14
Q

Personal liability is generally limited to liabilities arising after joining the partnership

A

Liability of new Partners

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15
Q
  1. dissolution- event
  2. winding up- process
  3. termination - event
A

The end of a partnership is marked by

16
Q
  • by agreement
  • withdrawal of partners
  • expulsion
A

Causes of dissolution by acts of partners

17
Q
  • illegality
  • bankruptcy
    -war
  • death
A

Causes of dissolution by law

18
Q
  • insanity
  • incapacity
  • misconduct
  • impracticability
    -lack of success
  • equitable circumstances
A

Causes of dissolution by decree of court

19
Q
  1. firm creditors
  2. partner’s advances
  3. contributions of capital
  4. remaining assets distributed to partners pro rata
A

priority of distribution of capital in a partner ship

Blaw #4 (5 decks)

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