LAW 610 Chapter Notes - Chapter 42: Uniform Partnership Act, General Partnership, Charging Order
Document Summary
Explain how partnerships are created by agreement, and understand that only when the partners" partnership agreement does not resolve an issue does partnership law apply. Understand that no writing is needed to form a partnership, nor a tax id number, nor a partnership name. All that is needed is clear evidence that the partners carried on as co-owners of a business for profit. Distinguish between express authority and customary authority of a partner to act for a partnership. Describe how a partnership may be dissolved by the acts of partners, by operation of law, and by order of the. List the duties of partners to one another. Explain the nature and extent of a partner"s lability on firm contracts and torts court. Most provisions of rupa, like upa, apply only when partnership agreement does not solve issues. Rights of partners rights determined by partnership agreement.
