RUPA

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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Tort Liability’s Effect on Partnerships

November 24, 2009

Before we go in depth about tort liability, let’s first understand exactly what is “Tort.” According to Wikipedia, “Tort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations. A person who suffers legal damages may be able to use tort law to receive compensation from [...]

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Partnership Property

November 24, 2009

According to RUPA “Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually.” Also, property is considered “partnership property” if it is purchased in the name of the partnership or by one or more partners as long as there is an indication in the instrument [...]

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