1. CHAPTER 29: PARTNERSHIPS

2. Learning Objectives: Introduction to Partnership Law When Does a Partnership Exist? The Partnership Agreement Rights of Partners Duties and Powers of Partners Methods of Dissolution Effect of Dissolution Distributions on Termination Chapter 29 2 CHAPTER 29: PARTNERSHIPS

3. 1.Definition: “an association of two or more persons to carry on as co-owners a business for profit.” 2.Importance of the Partnership Agreement Chapter 293 INTRODUCTION TO PARTNERSHIP LAW

4. 1.Intent to become a partnership NOT required. 2.Methods of Formation: a.Express Partnership b.Implied Partnership c.Partnership by Estoppel Chapter 294 WHEN DOES A PARTNERSHIP EXIST?

5. 1.Relationship to the Uniform Act 2.Provisions: a.Firm Name b.Capital c.Property d.Profit and Loss e.Goodwill f.Buy-and-Sell Chapter 295 THE PARTNERSHIP AGREEMENT

6. 1.To Participate in Management 2.To be Compensated for Services 3.To Interest 4.To Information and Inspection of Books 5.To an Accounting 6.To Partnership Property Chapter 296 RIGHTS OF PARTNERS

7. 1.Duty to Act as a Fiduciary 2.Power: a.To Contract b.To Impose Tort Liability c.Over Property d.Over Finances Chapter 297 DUTIES AND POWERS OF PARTNERSHIPS

8. 1.Ending a Partnership: The Overview: a.Dissolution b.Winding-up c.Termination 2.Means of Dissolution a.By Acts of Partners b.By Operation of law c.By Court Decree Chapter 298 METHODS OF DISSOLUTION

9. 1.On Powers of Partners 2.On Rights of Partners 3.On New Partners 4.On Third Parties Chapter 299 EFFECTS OF DISSOLUTION

10. 1.Solvent Partnership a.Creditors b.Partners 2.Insolvent Partnership Chapter 2910 DISTRIBUTIONS ON DISSOLUTION

11. CHAPTER 29: PARTNERSHIPS