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3 Cards in this Set
- Front
- Back
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Rules of Partnership Act (8) |
1. Equal obligation to contribute capital 2. No interest on capital 3. No remuneration for partners (no entitlement to be paid) 4. Equal share in profits and losses 5. Equal access to financial information 6. Majority rules 7. Extraordinary business must be unanimous (admittance and expulsion) 8. Indemnification (reimbursement) for disproportionate contributions |
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If you cannot admit or expel a partner without a unanimous vote, how do businesses lose and gain partners? |
Buy-outs |
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Joint and Several Liability |
Where partners individually and as a group have liability for a debt of the partnership |
