Partnership (GP)

Question 1

Partnership is the…

Answer 1

next step from sole proprietorship

Question 2

Partnership as a matter of law

Answer 2

UPA Section 6: Partnership is an association of two or more person to carry on as co owners a business for profit.
RUPA: Association of two or more person to carry on as co workers a business for profit forms a partnership, whether or not the person intend to form a partnership

Question 3

Elements of a partnership

Answer 3

1. 2 ore more
2. persons
3. associated- must be voluntary
4. to carry on
5. As co owners
   6/ a business for profit.

Question 4

What is a person

Answer 4

individual, includes artificial entities such as a corporation

Question 5

sticking point for partnership

Answer 5

as co owners

Question 6

To be a partnership, goal has to

Answer 6

profit

Question 7

Prima facie of partnership

Answer 7

sharing the profits. A basic minimum requirement to even continue considering.

Question 8

Calling yourself a partnership/language

Answer 8

is some evidence, but non conslusory. USe the factors. Intent to key

Question 9

Factors of partnership

Answer 9

1. language of the agreement
2. right to share in profits
3. obligation to share in losses
4. ownership & control of property
5. conduct towards third persons
6. community of power to maange
7. rights upon dissolution
8. intent of parties

Question 10

Determining ownership- UPA SECTION 7

Answer 10

JT, tennancy in common, JP, common proper,.

Question 11

ownership of property

Answer 11

have to share profits, not just revenues

Question 12

Key for partnership

Answer 12

econmic reality

Question 13

last kind of partnership

Answer 13

estoppel

Question 14

3 keys you need for partnership

Answer 14

1. Joint control
2. Joint Agency
3. Joint liability