Partnerships and LLCs Flashcards
1
Q
a Partnership is
A
an association of 2 or more people to carry on as co-owners a business for profit
2
Q
Considered a partner (rebuttable presumption) if
A
- capital contribution
- right to control business operations
- share of profits
3
Q
registration statement for partnerships
A
may be filed with the department of state and are a prerequisite for filing other statements
4
Q
purported partners
A
if no partnership is formed, parties may still be liable as purported partners if a 3rd party reasonably relied on them holding themselves out as partners
5
Q
considered partnership property if
A
- acquired in partnerships name
- presumed if partnership funds were used to pay for it
- partner is not a co-owner of partnership property
6
Q
considered PARTNER property if
A
- presumed if acquired in partners name WITHOUT partnership funds
