Partnership Basics

Partnership Basics - BUSINESS LAW II Partnership Basics...

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    BUSINESS LAW II Partnership Basics
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    Partnership An association of two or more individuals,  partnerships, corporations, or  associations formed to carry on a trade,  occupation, or profession for profit
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    Governing Law California partnerships are governed by  the Revised Uniform Partnership Act  (RUPA) Written in 1994 and revised in 1997
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    Creation of Partnerships No Formality Required.  If two or more  people join together to do business for a  profit, then they are automatically in a  partnership Agreement Not Required.  The partners  need not agree on anything more than to  join together to do business
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    Partnership Agreements If the partners do not to create a  partnership agreement, then the rules of  the RUPA apply A written partnership agreement is often  very desirable The agreement can be tailored to the needs  of the particular partnership It can be quite detailed so that all involved  understand their rights and obligations
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    Partnership Names There are no name registration  requirements for general partnerships.  States have fictitious business name  laws that must be satisfied if a  partnership takes on any name other  than the names of the partners  themselves
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    Partnership Characteristics Partners have unlimited liability Each partner has the right to manage the 
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Partnership Basics - BUSINESS LAW II Partnership Basics...

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