BUL-3310 Lecture Notes - Lecture 29: Uniform Partnership Act, General Partnership, Estoppel

• School: FSU
• Department: Risk Management/Insurance, Real Estate and Legal Studies
• Course: BUL-3310
• Professor: Stephen A Bailey

Document Summary

; misconduct must be gross (rendering the business unprofitable) If dissolutio(cid:374) (cid:396)esults f(cid:396)o(cid:373) the death of a pa(cid:396)t(cid:374)e(cid:396), pa(cid:396)t(cid:374)e(cid:396)"s title to p(cid:396)ope(cid:396)t(cid:455) passes to survivor partner(s) for purpose of winding up the affairs of the firm. If dissolution is not caused by a breach, partners may insist assets be used to pay firm debts and the remainder be paid to partners. If dissolution is not wrongful, partners must wind up and terminate the partnership; failure to do so results in liability to the withdrawing partner for use of partnership assets. Intended to limit the authority of partners to bind the firm during the winding up period. I(cid:374)sol(cid:448)e(cid:374)t pa(cid:396)t(cid:374)e(cid:396)ships: (cid:449)he(cid:374) a (cid:272)ou(cid:396)t of e(cid:395)uit(cid:455) effe(cid:272)ts the dist(cid:396)i(cid:271)utio(cid:374) fi(cid:396)(cid:373)"s assets are paid to creditors before personal assets of partners are used to satisfy firm obligations; this is called a marshalling of assets.