Partnership Agreement Flashcards
1
Q
What is a Partnership Agreement?
A
In general, relations between partners and the partnership are governed by the PA, of if PA is silent, by the default provisions of the UPA.
2
Q
How can PA differ from UPA’s default rules?
A
PA can opt out of most of UPA’s default rules, except UPA can’t:
+ reasonably restrict a partner’s access to the books or records
+ remove the partner’s duties of loyalty and care, OR
+ disallow a partner’s right to dissociate (but can require the partner to give written notice of her intent to withdraw).
