Shares Of GPs Flashcards
1
Q
How are Share of profits classified in GP?
A
They are personal property
May be transferred or devised by will/inheritance
2
Q
Can partners share in management?
A
Cannot be transferred to third parties
Cannot sell right to vote
3
Q
What is partnership property and what is personal property?
A
Personal property = used personal funds
Partnership property = used partnership funds
