Partnership

Question 1

How long does a partner have to bring an action for settlement of the partnership accounts after the partners cease their business dealings with each other?

Answer 1

Five years.

Question 2

What are the two fiduciary duties that partners owe the partnership and other partners?

Answer 2

Duty of loyalty; duty of care.

Question 3

Unless the partnership agreement provides otherwise, no one can become a partner in a partnership without the express or implied consent of how many of the existing partners?

Answer 3

All of the partners.