Please enable JavaScript.
Coggle requires JavaScript to display documents.
Partnership - Coggle Diagram
Partnership
Sharing Profits: A person who receives a share of the profits of a business is presumed to be a partner unless the profits were received in payment:
-
-
-
Of an annuity or other retirement or health benefit to a beneficiary or representative of a deceased or retired partner
Of interest on a loan, even though the amount varies with the profits of the business
for the sale of goodwill of a business, by installments or otherwise
Joint venture is very similar to partnership. it is an association of 2 or more persons to develop single enterprise or project for profit.
-
-
whether there was a community of interests between the parties, such as whether each contributed money, effort, skills, or the like to the business
Whether the parties shared control of the business, and
-
Most RUPA provisions are modifiable through partnership agreement, except:
-
-
-
-
DUTIES: Partners owe the partnership and other partners 4 fiduciary duties // duties continue through winding up
Duty of Loyalty: 1) To account for profits, property, opportunities, or other benefits derived by the partner in conjunction with the partnership business; (2) to refrain from dealing with the partnership as or on behalf of a party having an interest adverse to the partnership; and (3) to refrain from competing with the partnership
Duty of care: A partner's duty of care to the partnership and the other partners is limited to refrying from engaging in grossly negligent or reckless conduct, intentional misconduct, or knowing violation of the law
Duty of Obedience: A partner must refrain from acting outside the scope of the partner's actual authority.
-
-
Definition: An association of 2 or more persons to carry on as co-owners a business for profit // is an entity in its own right // all parties must expressly or impliedly consent
FORMED: As soon as 2 or more people associate to carry on as co-owners a business for profit // no wiring required