Partner's Interest in the Partnership Flashcards
1
Q
What is the partner’s interest in the partnership classified as?
A
Personal Property
2
Q
What is included in the partner’s personal property interest in the partnership
A
(1) the financial interest in his share of the profits and losses
(2) the right to receive distributions
3
Q
Rules for transferring interest in the partnership
A
Interest in the partnership is freely transferable (but the right to manage, control, and access the partnership info, books, and records is not)
4
Q
Does a transfer of interest automatically dissolve the partnership?
A
No
