Partnership Flashcards
1
Q
Pship Formation
A
Association 2+ carrying on biz for profit
2
Q
Liability to 3rdP
A
GPs liable, Reps as GPs via estoppal
3
Q
Partner Relationships
A
(1) Fiduciaries –> Loy [Self-D, Usurp, no secret proft] (2) only Profits Liq+Trans (3) = control, no salary, = profits, losses like profits
4
Q
Dissolution, Winding Up, Termination
A
90 days notice after filing. First pay (1) Creditors (2) Capital (3) Shared Profits. Second [distribution rule]each P MUST receive loans & capital + loss/prof
5
Q
LLPs and RLLPs
A
Register but not manage unless RLLP
