Mod 2 Topic 3 - Business Organization Partnerships Flashcards
1
Q
(Elements of a partnership)
1. _______ of profit or loses
A
Sharing
2
Q
(Elements of a partnership)
2. _________ ownership of business
A
Joint
3
Q
(Elements of a partnership)
3. Equal rights to ________
A
Managamement
4
Q
(Fiduciary Duty)
Must always put the business interest above your own
A
Loyalty
5
Q
(Fiduciary Duty)
A duty to avoid conflicts of interest
A
Care
6
Q
(Liability of Partners)
1. _______ and ________
A
Personal and Unlimited
7
Q
(Liability of Partners)
2. Regardless of _______, _________, or _________
A
Participation, knowledge, ratification
8
Q
(Liability of Partners)
3. Marshaling of _______
A
assets
9
Q
_______ to associate is a key element of a partnership
A
Intent
