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Partnership - Coggle Diagram
Partnership
Working Life
Authority
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Restrictions: third party must know about restrictions on authority or the partnership will be bound
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Liability
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Partner is entitled to indemnification by the partnership for any payments he makes on the partnership's behalf
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Incoming partner is not personally liable for any partnership obligation incurred prior to her admission as a partner
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Winding Up/ Termination
Winding up Includes reducing the partnership assets to cash and then distributing that cash to the entitled parties
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Once that is decided, assets are sold and cash distributed in a specific order
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Creation
General Partnership: an association of 2 or more persons to carry on as co-owners a business for profit
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Key test: Intent of the parties, no matter what it is called
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Limited Partnerships
Types
General partners: manage the business and are personally liable without limitation for partnership obligations
Limited partners: contribute capital and share in profits, but take no part in the control or management of the business, and whose liability is limited to their contributions
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Dissociation/Dissolution
Dissociation
A partner's separation from the partnership including death, withdrawal, bankruptcy, or explusion
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