MGMT 200 Lecture Notes - Lecture 27: De Facto, De Jure, Respondeat Superior
Document Summary
Partnership- arises from an agreement, express or implied, between two or more persons to carry on a business for profit. Uniform partnership act (upa)- governs the operation of partnerships in the absence pf an express agreement and has done much to reduce controversies concerning the law relating to partnerships. Three essential elements of a partnership: a sharing of profits and losses, a joint ownership of the business, an equal right to be involved in the management of the business. If the evidence in a particular case is insufficient to establish all three factors, the upa provides a set of guidelines to be used. A partnership will not be presumed to exist if shared profits were received as payment of any of the following. A debt by installments or interest on a loan. Wages of an employee or payment for the services of an independent contractor.
