BUS 207 Lecture Notes - Lecture 13: Respondeat Superior, Sole Proprietorship, General Partnership
Document Summary
If 2 or more people, your options are. Beyond a written agreement, the paperwork for setting up a partnership is. Usually regarding who gets what if partnership breaks up. Your personal assets are at risk in addition to all assets of the partnership. Any partner can take actions that legally bind the partnership entity. If one partner signs a contract on behalf of the partnership, it will be fully forceable against the partnership and each individual partner, even if the other partners were not consulted in advance and did not approve the contract! The partnership is liable, as is each individual partner, for tort injuries caused by any partner while a partnership business (refer back to respondeat superior and direct liability from torts) Example: ted is a partner and signs a contract for 50k, but rest of partners do not have 50k all partners are liable for 50k.
