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Partnership - Coggle Diagram
Partnership
Winding up/ Termination
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Winding up includes reducing the partnership assets to cash and then distributing that cash to the entitled parties
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Creation
Limited Partnerships
Formation
Corporation: Filed articles of incorporation, contain "Inc."
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Limited Partners
contribute capital (vulture) and share in the profits, but take no part in the control or management
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Partnership
A partnership is an association of two or more persons to carry on as co-owners a business for profit. Then, address the aspects of general partnership creations.
Corporation: Corporation: Filed articles of incorporation, contain "Inc."
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Working Life
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Partners' Powers
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Authority
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 their admission as a partner.
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