Partnerships in General Flashcards
1
Q
What is a “partnership”?
A
It’s an association of 2+ persons to carry on a business for profit
2
Q
What is the minimum requirement for number of partners in a partnership?
A
There must be at least two partners
HOWEVER –> a partner may be an individual, trust, corporation, partnership, or other entity
3
Q
What is partnership based on?
A
contract and agency law
4
Q
What law governs management of partnership?
A
RUPA (revised uniform partnership act)
HOWEVER –> “partnership agreement” can override many provisions of RUPA
EXCEPTION –> partnership agreement CANNOT override some RUPA provisions
EXAMPLES –> duty of loyalty, right of court to expel partner
