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21 Cards in this Set
- Front
- Back
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partners are -------- ------ for the full amount of the partnerships obligations.
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personally liable
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Each partner is both a ------- and an -------- to the other partners and is liable for the acts of others and to the others for individual acts.
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principal and an agent
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Partnerships are mutual
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principals and agents
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Partnership assets reachable by partnership creditors
Personal assets reachable by partnership creditors when partnership assets are exhausted |
personal liability of partnerships
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T/F Partnership does pay taxes
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False a partnership does not pay taxes
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a partnership files a -------
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informational return
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Partners report income and losses on their --------------
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individual tax returns
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Unless otherwise agreed, each has -------------- management authority in a partnership
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equal
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when managing a partner ship, partners May what?
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delegate day-to-day authority to one partner
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Each partner is mutual ------ and -------- of the others when managing the partnersip
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principal, agent
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is Required for Confession of Judgment, Selling Goodwill, and Admission of Another Partner in a partnership
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Unanimous Consent
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partners are not entitled to ------- for their management of the partnership's business, unless so specified in the partnership agreement.
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compensation
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Each is to act in the best interests of the partnership
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fiduciary duties
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Property contributed to the firm or purchased with partnership assets
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a partnership's property
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partners are co owners of partnership property in a form of ownership called
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tenancy in partnership
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Partner’s interest is personal property
Can be pledged to creditors and transferred Transferee does not become a partner |
Transfers of Partners’ Interest
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Admission of New Partner Requires ---------
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Unanimous Consent
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Transferring Partner is Not Relieved of --------such as debts
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Liability
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no necessarily termination. defined by the upa as one partners ceasing to be associated with carrying on the business
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dissolution of a partnership
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Can Just Be a Change in Structure or Can Proceed to Termination
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dissolution of a partnership
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what three events are grounds for dissolution
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dissolution by agreement, dissolution by operation of law, dissolution by court order.
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