Law 3102 Partnership Nature and Formation Powerpoint

Law 3102 Partnership Nature and Formation Powerpoint -...

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PARTNERSHIPS – NATURE AND FORMATION
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Is a given entity a partnership? Why does it matter? 2 most frequent issues: Liability Ultimately partners are personally liable for partnership obligations Partners and partnership are bound by acts of a partner in carrying on partnership business
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Why does it matter if entity is a partnership? (cont.) Rights of Partners To share in profits To share in assets on dissolution of partnership To participate in management of business Also taxes, employment statutes
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RUPA § 101(6) – Definition of Partnership Association of 2 or more persons Voluntary Carrying on . . . a business for profit Excludes non-profit entities (social clubs, charitable organizations, civic associations) Continuity - single or limited series of transactions may be joint venture Merely owning property and sharing proceeds not enough As Co-Owners (of business) Right to manage and control Sharing profits
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Law 3102 Partnership Nature and Formation Powerpoint -...

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