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Posts tagged as:

General Partnership

Partnerships Defined and Their Governing Laws

November 24, 2009

If you are interested in a partnership venture of any type, you might be considering a General Partnership, Joint Venture, Limited Partnership, or a Limited Liability Partnership.
A General Partnership takes place when two or more persons join forces to carry on as co-owners a business for profit.
Each state adopts its own model act to govern [...]

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Unlimited Liability for Partners & Pass-Through Taxation

November 24, 2009

In my previous post I discussed that the two main characteristics of a General Partnership are unlimited liability and pass-through taxation. But what I didn’t do was explain what they are in detail. I figured, the subject could be painful enough for some to make the post too wordy for you all.
Unlimited liability for partners [...]

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General Partnership Overview

November 24, 2009

As you might know by now a General Partnership is mainly influenced by the RUPA (Revised Uniform Partnership Act). RUPA takes the form of a contract and provides default rules of operations and establishment.
Starting a partnership should be easy. Yes indeed, it’s the easiest form of business entity. Simply go ahead and agree with your [...]

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Partnership by Estoppel Explained

November 24, 2009

Are you a partner by Estoppel? “What exactly is that?” you might be asking. Basically, when you think about a partnership, a partner that’s not accepted as a business associate by the other partners is not a partner to anyone. There is an exception to this rule and this takes place when according to the [...]

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Partnership’s Contractual Liability

November 24, 2009

Acting as a partner in the ordinary course of business binds the partnership unless there is no particular authority given to the partner to act on behalf of the partnership and proper notification has been given to the person with whom the partner is supposed to be dealing with.
This notification serves as a warning notice [...]

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