Partner's rights and operation of Partnership Flashcards
1
Q
Under Revised Uniform Partnership Act
A
Partnership is a separate legal entity that can own property in it’s name
Partners are joint and severally liable for debts in contract and tort
2
Q
The partners
A
May agree to share things equally or unequally
3
Q
A single partner
A
Can assign their partnership interest to a third party
4
Q
The assignee
A
Does not become a partner (participate in management)
Does not have the right to inspect books/Accounting
