Jentz 11e-IM-Ch36 - Chapter36 Title BusLawSeal.eps Creator...

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Chapter 36 Partnerships and Limited Liability Partnerships See Separate Lecture Outline System I NTRODUCTION The most common forms of business organization are the sole proprietorship and, when two or more persons are involved, the partnership and the corporation, with the limited liability company becoming in- creasingly popular.  In this chapter, the basic features of partnerships are explained, and some of their advan- tages and disadvantages are spelled out. A DDITIONAL  R ESOURCES A UDIO  & V IDEO  S UPPLEMENTS The following audio and video supplements relate to topics discussed in this chapter— 203
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204           INSTRUCTOR’S MANUAL TO ACCOMPANY  BUSINESS LAW , ELEVENTH EDITION PowerPoint Slides To highlight some of this chapter’s key points, you might use the Lecture Review PowerPoint slides compiled for Chapter 36. South-Western’s Business Law Video Series The situational video  Business Organizations  provides an opportunity for your students to review the material presented in this chapter. C HAPTER  O UTLINE I. Basic Partnership Concepts A. A GENCY  C ONCEPTS   AND  P ARTNERSHIP  L AW Partnership law is based on agency law: the fiduciary ties that bind agent and principal also bind partners. In a non-partnership agency relationship, the agent usually does not have an ownership interest in the business nor is the agent obligated to bear a portion of the ordinary business losses. B. T HE  U NIFORM  P ARTNERSHIP  A CT The   Uniform   Partnership   Act   (UPA),   as   adopted   by   the   states,   governs   the   operation   of partnerships in the absence of an express agreement among the partners to the contrary. A DDITIONAL  B ACKGROUND A History of Partnership Law Partnerships can be traced to the earliest records of history.  The Code of Hammurabi, from 2300 B.C., includes references to partnerships.  Around 2000 B.C., the Jews developed a form of partnership, known as a  shutolin , for agricultural purposes.  Commercial Jewish partnerships developed later. In the Roman Code of Jusitinian, there were provisions for partnerships that resemble current American partnership law.  The Romans also developed the rules of agency, which serve as the basis for much partnership law.  Under Roman law, the essence of a partnership was the choosing of partners. As with other commercial law, English partnership law developed form the law merchant, according to the realities of how merchants did business.  In 1353, the Statute of the Staple provided that law was to be administered in the Court Staple (the law merchant courts) from “day to day and hour to hour,” which meant quickly.  Eventually, the English equity courts began to hear partnership cases, and by the
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  • Fall '09
  • Gough
  • Business Law, Corporation, Limited partnership, ........., UPA, limited partners

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