BLS 112 Chapter Notes - Chapter 37: Limited Liability Partnership, Uniform Partnership Act, Law Of Agency
25 Apr 2017
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Chapter 37: partnerships & limited liability partnerships: basic partnership concepts. Agency concepts & partnership law: similar to agency each partner is an agent of the other partner, bound by fiduciary ties, difference: partners understand profits/losses will be shared. Uniform partnership act (upa): governs partnerships in absence of express: each has ownership interest in firm agreement; reduces controversies in laws, provides limited liability. Partnership: agreement (express or implied) between 2 or more persons to carry out a business for profit co-owners: according to upa 101: corporations can be a partner in partnership, cannot join without consent. Joint ownership of business intent to associate is key element: equal right to be involved in management. Aggregate: common law treated as aggregate of individuals, today, upa treat as entity, can be sued. Collect judgements, having accounting performed: may hold title of real or personal property in name, treated as entity in suits in federal courts & bankruptcy.
