Term
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Definition
| A voluntary association of 2+ persons/entities to carry on a business for profit. Easy, inexpensive to form & little state regulation. Decision-making & mgmt of bus shared. Creditors do have access to personal assets. Partners are agents of one another. |
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Term
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Definition
| Liability for bus debt, which extends beyond what is invested in a bus to include an individual's personal assets |
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Term
UNIFORM PARTNERSHIP ACT
(U.P.A.) |
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Definition
| Model for partnership legislation for apx. 2/5ths of the states. Apv'd 1914 by Nat'l Conf of Commissioners on Uniform State Laws |
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Term
REVISED UNIFORM PARTNERSHIP ACT
(R.U.P.A.) |
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Definition
Model for partnership legislation in about 3/5ths of the states. Adopted from the U.P.A. in '92 by the Nat'l Conf of Commissioners on Uniform State Laws.
Acts as a "safety net" for partnerships. Says that p's may conduct their bus in w/e lawful manner they wish. |
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Term
| INTEREST IN THE PARTNERSHIP |
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Definition
| A partner's right to profits/share of profits or loss |
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Term
| JOINT & SEVERAL LIABILITY |
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Definition
| Principle that each partner & partnership are liable to pay all of a debt or an obligation. |
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Term
| MARSHALING OF ASSETS PRINCIPLE |
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Definition
| Partnership theory reauiring creditors to first exhaust partnership assets before pursuing partners' ind assets |
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Term
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Definition
| An agreement by two or more persons to do business together as a partnership; may be oral or written |
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Term
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Definition
The authority of a partner to act for and bind the partnership and other partners |
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Term
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Definition
| Document filed w/ Sec of State providing notice of partners authorized to act for the partnership. Each partner has auth to sign docs, cx, execute docs & make purchases that bind the other partners. |
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Term
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Definition
| Doc filed w/ Sec of Stater denying information in Statement of Authority |
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Term
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Definition
| Introductory clauses in agreements setting forth basis for agreement |
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Term
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Definition
| A partnership with no specific term. |
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Term
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Definition
| Clause in agreement that ensures a withdrawing partner won't take customer lists w/ knowledge acquired w/in partnership & use it to the detriment of former partners |
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Term
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Definition
| Departure from a partnership in breach of partnership agreement |
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Term
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Definition
| Departure by a partner from a partnership |
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Term
| STATEMENT OF DISSOCIATION |
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Definition
| Document filed with state to id dissociating partner & to limit period for which partnership will be liable for dissociating partner's acts |
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Term
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Definition
| The tax status of a partnership in which all income is passed thru to partners who pay taxes at their individual rate |
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Term
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Definition
| Method by which businesses elect how they wish to be taxed, namely, whether as partnerships or corporations |
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Term
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Definition
| A type of partnership formed to carry out a single enterprise |
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Term
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Definition
| Business entity created in accord w state statutes that provides limited liability to some of its members, called limited partners |
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Term
R.U.L.P.A
(Revised Uniform Limited Partnership Act) |
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Definition
| the model for limited partnership legislation in most states. Approved in 1970s, amended '85. Revised 2001 |
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Definition
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