Managing/governing relationships Flashcards
1
Q
Management default rule
A
Every partner has equal rights in management and control of partnership
Can be changed by agreement
2
Q
Common management distribution rule
A
More control given to partners with higher CAPITAL CONTRIBUTIONS (more $ = more control)
3
Q
Ordinary business matters vote rules
A
Requires vote of MAJORITY of partners
4
Q
Extraordinary business matters vote rules
A
Requires vote of ALL partners
5
Q
Can you change default rules around ordinary/extraordinary matter voting?
A
YES
6
Q
Quorums (minimum attendance # for meetings)
A
There is NO DEFAULT RULE re: quorums
7
Q
Access to records requiremetns
A
All partners and their agents must be provided access to records
8
Q
Can access to records rule be modified?
A
NO, cannot be abridged by partnership agreement
Mandatory state rule
