Partnerships Flashcards
1
Q
what is the required intent to form a partnership?
A
Specific intent to carry on a for-profit business as co-owners
2
Q
when no agreement regarding losses
A
When there is no partnership agreement regarding division of losses, losses are NOT divided in accordance with capital contribution. One partner could contribute “coding.”
3
Q
when partnerships are liable for a partner’s tortious conduct?
A
A partnership is liable in tort for torts committed by partners acting WITHIN the scope of their partnership.
4
Q
A statement of dissolution is treated as giving third parties notice of the dissolution _____ days after the statement is filed.
A
90 days
