CHAPTER 31

CHAPTER 31 - CHAPTER SUMMARY FORMATION OF GENERAL...

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CHAPTER SUMMARY FORMATION OF GENERAL PARTNERSHIPS Nature of Partnership Definition an association of two or more persons to carry on as co-owners a business for profit Entity Theory Partnership as a Legal Entity an organization having a legal existence separate from that of its members; the RUPA considers a partnership a legal entity for nearly all purposes Partnership as a Legal Aggregate a group of individuals not having a legal existence separate from that of its members; the RUPA considers a partnership a legal aggregate for few purposes Formation of Partnership Partnership Agreement it is preferable, although not usually required, that the partners enter into a written partnership agreement Tests of Existence the formation of a partnership requires all of the following: Association two or more persons with legal capacity who agree to become partners Business for Profit Mann CH 31- 1
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Co-ownership includes sharing of profits and control of the business Partnership Capital total money and property contributed by the partners for use by the partnership
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CHAPTER 31 - CHAPTER SUMMARY FORMATION OF GENERAL...

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