Nature of a Partnership Flashcards
1
Q
Partnership
A
an association of two or more people to carry on as co-owners of a business for profit.
2
Q
There must be at least _____ people in order to have a partnership.
A
two
3
Q
Must partners to a partnership be biological humans?
A
no, a corporation, trust, partnership, etc. can be a partner to a partnership.
4
Q
A partnership is a legal . . .
A
person
5
Q
What creates the default rules governing partnerships?
A
the Revised Uniform Partnership Act, a.k.a. RUPA.
6
Q
Must RUPA be followed in creating a partnership?
A
no, it is the mere default rules. A partnership agreement may include whatever terms the partners agree to.
