Fl Partnerships

Front 1

A Person who Receives a Share of the Profits in a Business Will Not be Presumed to be a Partner if the Profits were:

Back 1

(1) for a debt,
(2) for services as an independent contractor,
(3) as wages to an employee
(4) for rent,
(5) of an annuity or retirement benefit to a representative of a deceased or retired partner,
(6) interest on a loan, or
(7) for the sale of goodwill of the business.

Front 2

Partners are ______ Liable for their Contractual Obligations.

Back 2

Jointly

Front 3

Aside from Economic Interests, a Partner may not Transfer his Status as Partner without...

Back 3

Unanimous Agreement of the other Partners.

Front 4

All Partners have Equal Rights in the _______ and ______ of Partnership Business.

Back 4

Management and Conduct

Front 5

A Dispute that arises from a matter in the Ordinary Course of Business is decided by _______; an Act Outside the Ordinary Course of business of (and any Amendments) must be decided ________.

Back 5

Majority; Unanimously.