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5 Cards in this Set
- Front
- Back
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Requirement for a partner to undertake their share of responsibility for running the day-to-day operations of the partnership business
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Duty to Serve
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Partners that merely contribute capital and have no duty to serve but share in the same liability for partnership debts
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Silent Partner
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A partner is liable for loses resulting from gross negligence, reckless conduct, intentional misconduct, or knowing violations of the law. Decisions must be made on the grounds to believe it is in the best interest of the partnership.
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Duty to Care
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A partners duty to not exceed the authority granted by the partnership agreement, or authority normal for partners normally in their position if an agreement does not exist.
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Duty to Act within Actual Authority
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A partners duty to account for their use or disposal of partnership funds and partnership property.
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Duty to Account
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