MGMT 217 Study Guide - Final Guide: Uniform Partnership Act, Limited Liability Partnership, Sole Proprietorship
Document Summary
Partnerships: arises from an agreement, express or implied, between 2 or more persons to carry on as co-owners, for a profit. Joint liability: partners share liability for obligations and debts. Partners are liable for their own wrongful acts and for the wrongful acts of those whom they supervise. The bankruptcy, death, retirement, or mental incompetence will cause dissociation and dissolution of the lp unless the other members agree to continue the firm: limited partner: can dissociate with 6 months" notice, unless agreement states otherwise. Bankruptcy, death or assignment of the interest of a limited partner does not dissolve the lp unless it causes bankruptcy of the firm. On dissolution, the limited partner is entitled to the return of capital contributions after debts are paid: dissolved by court decree. If dissolved, the business is wound up and assets sold: creditors first, then members" capital investments, then distribution to members.
