PARTNERSHIPS Flashcards
1
Q
The association of two or more persons to carry on as co-owners as business for profit.
A
** What is a general partnership?
2
Q
When the parties agree to share profit and control. There does not have to be an agreement to share losses.
A
What are the key elements for partnership creation?
3
Q
Individual partners in a general partnership generally are jointly and severally liable for all debts and obligations of the partnership.
A
What is the liability of the partners in a general partnership?
4
Q
A partner in a general partnership, LLP or LP who commits a tort is liable for the tort that the partner personally committed.
A
What is the liability for a tort committed by a partner in a general partnership?
