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PARTNERSHIP - Coggle Diagram
PARTNERSHIP
Dissociation/ Dissolution
Death
Withdrawal
Bankruptcy
Expulsion
Creation
General partnership
an association of two or more persons to carry on as co-owners a business for profit.
No writing required
No statutory formalities required
Types
For a specific undertaking
For a term
At will
Key test
intent of the parties, no matter what it is called
Sharing of profits is prima facie evidence of a partnership
Limited partnership
Types of partners
General partners
Limited partners
Formation
Filing a certificate of limited partnership with the Secretary of State
Must have at least one general partner and at least one limited partner.
Working Life
Partner's powers
Every partner is an agent of the partnership for the purpose of its business
Authority
Express
Apparent
Restrictions
Partner who acted without authority may be liable for breach of the partnership agreement.
Remureation
Liability
Winding Up/ Termination
partnership property
Individual property