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HA 385 Prelim #2 Notes

HA 385 Prelim #2 Notes - HA 385 Prelim#2 Notes I...

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HA 385 Prelim #2 Notes 4/11/02 I. Partnership elements (Definition: 2 or more people that start a business) A. 2 or more people, real or legal (corporations like IBM, etc.) B. Association (voluntary) C. Carry on a business for some purpose D. As co-owners E. For a profit *** All five of these elements are necessary! II. Partnership Agreement A. Not necessary 1. If there is an agreement, it has to comply with the statute of frauds. 2. If the agreement is unenforceable, it doesn’t necessarily destroy the partnership. B. Rules that CAN be modified 1. Each partner is entitled to equal voice in management. 2. Each partner is entitled to equal share of profits regardless of capital contribution. 3. Each partner is expected to share in the losses in the same proportion as the profit. 4. Books are kept at the central office. C. Rules that CANNOT be modified (Created to protect 3 rd parties that deal with the partnership) 1. Each partner is agent of the partnership. 2. Each partner is individually liable w/o limit that the partnership can’t cover. 3. Each partner has a fiduciary duty to partnership. D. Dissolution: change in the relationship between partners 1. WITHOUT violating the agreement a. Fulfillment of partnership purpose of expiration time b. Partner quits c. Unanimous decision to dissolve d. Partner who is kicked out 2.
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