Studied by 3 people
RUPA
________- Revised Uniform Partnership Act, a model for partnership legislation in about four- fifths of the states.
Recitals
________- Introductory clauses in agreements setting forth bias for agreement.
General Partnership
________- A voluntary association of two or more persons to carry on a business for profit.
Non
________- compete clause- Clause in an agreement restricting signatory from competing with another during and after parties relationship terminates.
UPA
________- Uniform Partnership Act, a model for partnership legislation in about one- fifth of the states.
Joint
________ and several liability- the principle that each partner and the partnership are liable to pay all of a debt or obligation.
General AGency
________- the authority of a partner to act for and bind the partnership and other partners.
Wrongful dissolution
________- Departure from a partnership in breach of the partnership agreement.
Joint Venture
________- A type of partnership formed to carry out a single enterprise.
Dissociation
________- Departure by a partner from a partnership.
Statement of Dissociation
________- Document filed with the state to identify dissociating partner and to limit the period for which partners will be liable for dissociating partners acts.
General Partnership
A voluntary association of two or more persons to carry on a business for profit
Personal Liability
Liability for business debt that extends beyond what is invested in a business to include an individuals personal assets
UPA
Uniform Partnership Act, a model for partnership legislation in about one-fifth of the states
RUPA
Revised Uniform Partnership Act, a model for partnership legislation in about four-fifths of the states
Interest in the partnership
A partners right to profits (or share of losses)
Joint and several liability
the principle that each partner and the partnership are liable to pay all of a debt or obligation
Marshaling of assets
Partnership theory requires creditors to first exhaust partnership assets before pursuing partners individual assets
partnership agreement
an agreement by two or more persons to do business together as a partnership, may be oral or written
General AGency
the authority of a partner to act for and bind the partnership and other partners
Statement of authority
Document filed with the secretary of state providing notice or partners who are authorized to act for partnership
Statement of denial
a document filed with the secretary of state denying information in the statement of authority
Recitals
Introductory clauses in agreements setting forth bias for agreement
Partnership at will
a partnership with no specific term
Non-compete clause
Clause in an agreement restricting signatory from competing with another during and after parties relationship terminates
Wrongful dissolution
Departure from a partnership in breach of the partnership agreement
Dissociation
Departure by a partner from a partnership
Statement of Dissociation
Document filed with the state to identify dissociating partner and to limit the period for which partners will be liable for dissociating partners acts
Pass-Through Tax Status
The tax status of a partnership in which all income is passed through to partners who pay taxes at their individual rates (after a 20% deduction, and subject to certain income thresholds and other restrictions)
Check the box
Method by which businesses may elect how they wish to be taxed, namely as a corporation
Joint Venture
A type of partnership formed to carry out a single enterprise
Note 
Flashcard (45)