Test 5 Review - Test 5 Review 1 The only fiduciary duties a...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Test 5 Review 1. The only fiduciary duties a partner owes his partners are the duties of loyalty and duty of care. A partner’s duty of loyalty is accounting to the partner for any property profit, or benefit derived by the partner in the conduct of the partnership business. A partners duty of care is to refrain from grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of the law. 2. An agreement to form a partnership can be oral, written, or implied by conduct. To from a partnership that deals with real property the contract must be in writing. 3. Partners are personally liable for the debts of the partnership. A general partner is personally liable for any debts past the limited partners input. They are personally liable to the partnership’s creditors. Basically they are fucked if something goes wrong. 4. A limited partnership requires a public and formal proceeding that must follow statutory requirements. There must be at least one general partner and one limited partner. You must sign a certificate of limited partnership. 5. If the limited partner finds a defect in the formation of the partnership they could lose the limited liability. They must enforce an amendment or renounce interest in the profits. They can also not participate in the management of the partnership 6. Not exactly sure but I think they are fully blocked from liability if something happens. (Guess) 7. Members can be held personally liable but only up to the amount of their investment. 8. These entities are considered to be a citizen of every state in which their members are citizens.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern