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Chapter 26 BLaw

Business Law

Partner's Rights Right to participate in management Buy, sell, hire, fire, and make other routine decisions All partners are bound by actions of other partners
Partner's Rights Right to profits Parnters must also share losses equally
Partner's Rights Rights in partnership property: consist of all cash and other property.
Tenancy in partnership Each partner is co-owner of property and is not the sole owner of a specific piece (a partner can't obtain funds until property is sold)
Partner's Rights Right to compensation: Partners MUST agree that if a partner invest more, brings more to the business, or works longer hours they can earn more of the profit
Partner's Authority Making binding contract Acting within scope of authority Borrow money in the firm’s name Sell Buy Write and cash checks Hire and fire employees
Partner's Duties comply with partnership agreement and decisions
Partner's Duties use reasonable care
Partner's Duties act with integrity and good faith
Partner's Duties not conduct business with competition
Partner's Duties Keep accurate records
Partner's Liabilities Partnerships & all partners are liable when any partner commits a tort.
Partner's Liabilities Assets of business and personal assets are sold if debts are owed.
Created by: acct1
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