Partnership

Question 1

Partnership

Formation

Answer 1

1) No general partnership formalities

2) Association, two or more persona carrying on co-owners business for profit.

Question 2

Partnership

Liability of Third Party

Answer 2

1) General Partners are liable for all partnership debts

2) Estoppel
* Representers are liable as if given parties

Question 3

Partnership

Relationship Between Parties

Answer 3

1) Fiduciary
* accounting for profits

2) Only the hare of profits is liquid property

3) without an agreement
a) equal control
b) no salary
c) Equal profit and losses like profit

Question 4

Partnership

Dissolution

Answer 4

1) Priority
A) all outside and Partners Creditors
B) All capital Contribution
C) Profits if any shares equally without agreement

2) Distribution Rule
* Each partner must repay their loan and their capital, (+) their shares of profits, but also (-) share of loss.

Question 5

Liabilities of General Partners to 3rd Party

Agency Principal Apply

Answer 5

Partners are agents of the partnership for operating during usual partnership business.

• The general partnership is liable for each partners tort in the scope of the partnership business are for each partnership authorized contract.

Question 6

Partnership Liability

New Business

Answer 6

The partnership and therefor it’s individuals general partners retain liability on brand new transactions during windup until:

• It’s partnership retain, until notice of dissolution is given creditors or until 90 days after filing a state of dissolution with the state.

Question 7

Partnership Liability

Old Business

Answer 7

The partnership and there fore its individuals general liability retain liability on:

• The partnership and general partners retain liability on old business by satisfying existing credit.