Partnerships

Question 1

Absent an agreement to the contrary, how are profits, losses, and distributions of assets allocated among partners?

Answer 1

Each partner shares equally in the profits, losses, and distributions.

Question 2

the following decisions of the partnership requires a unanimous vote of the partnership

Answer 2

add new partner
change partnership agreement
dissolve partnership

Question 3

requirements to form an in commendam partnership

Answer 3

the partnership agreement must be in writing
include:
name of partnership
fact that it is a commendam partnership
name of the commendam partners
contribution each commendam partner has made to obtain partnership interest

file with secretary of state

Question 4

in commendam partner loses limited liability if she:

Answer 4

permits her name to be used in business dealings of partnership;
conducts business with third parties on behalf of the partnership;
participates in management or administration of the partnership

Question 5

how to expel a partner from partnership?

Answer 5

majority vote