Partnerships Essay Approaches Flashcards
1
Q
General Partnership
A
2+ people
Co-owners
For profit
2
Q
Partner v. Employee Relationship/Identification
A
Receiving a share of profits v. wages
At founding
3
Q
Authority to Bind
A
Express Authority
Implied Authority
Apparent Authority
4
Q
LLP
A
Qualification with SecState
Minimize personal liability
5
Q
Profits and Losses
A
Agreement governs rights to share
Otherwise, equal share
6
Q
Distribution of Assets
A
Dissolution
Winding up
7
Q
Management Rights
A
Equal partner rights in management/conduct
