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PARTNERSHIP, TWO OR MORE PERSONS CARRY ON AS CO-OWNERS A BUSINESS FOR…
PARTNERSHIP
FIDUCIARY DUTIES
NON-COMPETE (BUT CAN PREPARE TO COMPETE)
TRUSTEE OF PROPERTY
GOOD FAITH
GOOD WILL IN DISSOLUTION (RUPA)
LOYALTY (CAN MODIFY)
AUTHORITY
APPARENT AUTHORITY TO 3RD PARTIES
EQUAL RIGHT TO MAKE DECISIONS
LIMITED PARTNER
GENERAL PARTNER
LIABILITY
JOINTLY & SEVERALLY LIABLE
ABSENT WRITTEN FORMALITIIES
EQUAL VOTES
ONGOING MANAGEMENT OF VENTURE
CREDITORS ARE NOT LIABLE
FORMS
BY ESTOPPEL
HOLD OUT AS PARTNERS
3RD PARTY RELIANCE CREATES LIABILITY
FOR A TERM
AT WILL
LIMITED
JOINT VENTURE
PROPRIETARY INTEREST & MUTUAL CONTROL
PROFIT/LOSS SHARE
MONEY, TIME, SKILL, PROPERTY CONTRIBUTED
EXPRESS OR IMPLIED CONTRACT
UNANIMOUS
REMUNERATION
REVOCATION OF AUTHORITY
ADDING NEW PARTNER
ACT OF PARTNER THAT WOULD VIOLATE DUTY OF LOYALTY
TERMINATION
DISSOLUTION
WINDING UP
DISSOCIATION
BUY-OUT AGREEMENT
PROFITS
LOSSES SHARED EQUALLY (DEFAULT)
REASONABLE COMPENSATION
EQUAL (DEFAULT)
MAJORITY
DAY TO DAY DECISIONS
ADDITION OF LIMITED PARTNER
INVOLUNTARY DISSOCIATION
TWO OR MORE PERSONS CARRY ON AS CO-OWNERS A BUSINESS FOR PROFIT
CO-OWNERSHIP
PROFIT MOTIVE
INTENTION TO PARTNER