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Chapter 26 BLaw
Business Law
| Question | Answer |
|---|---|
| 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. |
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