Partnership Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Pship Formation

A

Association 2+ carrying on biz for profit

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2
Q

Liability to 3rdP

A

GPs liable, Reps as GPs via estoppal

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3
Q

Partner Relationships

A

(1) Fiduciaries –> Loy [Self-D, Usurp, no secret proft] (2) only Profits Liq+Trans (3) = control, no salary, = profits, losses like profits

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4
Q

Dissolution, Winding Up, Termination

A

90 days notice after filing. First pay (1) Creditors (2) Capital (3) Shared Profits. Second [distribution rule]each P MUST receive loans & capital + loss/prof

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5
Q

LLPs and RLLPs

A

Register but not manage unless RLLP

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