Law 3102 Partnership Rights and Duties Powerpoint.ppt POST RUPA

Law 3102 Partnership Rights and Duties Powerpoint.ppt POST RUPA

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
RIGHTS AND DUTIES OF PARTNERS
Background image of page 1

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

View Full DocumentRight Arrow Icon
Financial Rights 1. Profits and Losses. Sec. 401 Each partner has the right to share in profits and the obligation to share in losses In absence of agreement, profits are shared equally (regardless of capital contribution) In the absence of agreement, losses are shared in same proportion as profits So if no agreement at all, partners share profits and losses equally
Background image of page 2
2. Repayment of capital contribution At termination of partnership, after all liabilities paid Absent agreement, does not accrue interest until payable (i.e., usually on termination of partnership) Contribution of property Absent agreement, partner who contributed not entitled to return of specific property not entitled to credit for appreciation of property contributed
Background image of page 3

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

View Full DocumentRight Arrow Icon
3. Reimbursement and indemnity A partner who makes an advance beyond his agreed capital contribution is entitled to reimbursement from the pship. Sec. 401(d). The advance is treated as a loan to the pship that accrues interest. Sec. 401(e). Partnership must repay partners for payments made and indemnify them for personal liabilities reasonably incurred in the ordinary course of business of the pship or for the protection of the pship business or property. Sec 401(c). Under RUPA, a loan from a partner to the pship is treated the same as loans of a person not a partner. Sec 404(f).
Background image of page 4
4. No right to compensation for services. Sec. 401(h) Unless otherwise agreed. Regardless of inequality in time
Background image of page 5

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

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2011 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

Page1 / 16

Law 3102 Partnership Rights and Duties Powerpoint.ppt POST RUPA

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online