LAW 122 Lecture Notes - Lecture 6: Risk Management, Fiduciary, 18 Months
17 Nov 2015
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Week 6-lecture: exists when 2 or more people carry on business together with a view to profit, you can be in one even if you are not intended on it. Must have access to the information involving the business. View to profit is a crucial part of the test- you must have some control over the expenses, revenues. Provides default rules, which can be supplemented or modified by partnership agreement. Applies when you don"t create your own agreement: each partner can commit the partnership to obligations. Aimed at certain professions that cannot carry on business as corporations such as accountants and lawyers. If you are sued, your assets as well as the extent of the liability can be taken from you: lps. One partner must have limited liability and one must have unlimited personal liability. Limited partners can"t manage the partnership or they will lose their protection. These roles can be fulfilled by the same person.
