LAW 3220 Lecture Notes - Lecture 12: Fiduciary, Demand Letter, Benefit Corporation
Document Summary
You are the business: you and the business are one in the same. Can hire employees- hes liable for them. The money he pays comes right out of his own pocket. He is taxed personally for the business. Record keeping is at his own discretion. An association of 2+ people who carry on a business as co-owners for a profit. Unless specified otherwise, you share everything equally. You can get out of a partnership with a written partnership. States used the uniform partnership act and revised uniform. You don"t have to have a formal agreement that says your in a partnership for a partnership to exist at law. Fiduciary duty: a duty created by your relationship: in business you have a fiduciary duty, here, in a partnership, it means you before me . Bickley is an unsophisticated guy works at a yamaha shop. Went to a chinese restaurant and met zhou and zhang.
