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Unformatted text preview: Intro- UPA- Partnership Agreement- Dissociation- Advantages- Disadvantages- General- Limited- Partnerships-arises from an agreement, express or implied, between two or more person to carry on a business for a profit. -They are co-owners of a business and have joint control over its operation and the right to share in its profits.-Uniform Partnership Act (UPA) governs the operation of partnerships in the absence of express agreement and has done much to reduce controversies in the law relating to partnerships.-UPA defines a partnership as an association of two or more persons to carry on, as co- owners, a business for profit.-Three main elements for the UPA to define the business as a partnership: 1. A sharing of profits and losses 2. A joint ownership of the business 3. An equal right in the management of the business-Not in all cases does sharing profits mean that the two parties are partners. There are special circumstances when a debtor may owe the creditor money and in order to repay it they must share some of their profits, in which case the creditor is not considered a partner.- Partnership Agreement-Essentially the bread and butter for most legal matters between partners-Includes: 1. Name of the partnership 2. Names of the partners. 3. Location of the business and the state law under which the partnership is organized....
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- Spring '08