Management and Control (No Agreement) Flashcards
1
Q
How are operations controlled among GPs?
A
Equally
2
Q
Do GPs receive a salary?
A
No. Only for the winding up of the business
3
Q
Do partners get more votes based on their capital contribution?
A
No! 1 vote for 1 GP
4
Q
How many votes needed for ordinary matters?
Fundamental matters?
A
Majority
Unanimous
5
Q
How is profit shared in a partnership?
A
Equally
6
Q
How are losses shared?
A
In the same manner as profits
