BUSI 2601 Lecture Notes - General Partnership
12 Dec 2013
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A group of persons putting in common assets. Assets could be cash, material goods, intellectual property (ex. What you put into the partnership, stays in the restaurant. For example, what if you"re a chef in a restaurant and you come up with your own recipes. There has to be an intention to make profit. It involves a trade, a profession, occupation or business. The profits by itself do not make a partnership. You get reimbursed for the loan you have made. Fourth element: on a basic project, we do not deduct the expenses from the revenues but everybody pays their share in a project. Relationships between partners: first key thing is that every partner is an agent of other partners. Let"s say i have given this authority to buy 10,000 computers for a given business. But i also notice that there is a sale for xbox one, so i also buy 10,000 of them.
