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Topic: General partnership

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In the News (Sun 16 Dec 18)

  General Partnership - Iowa Code chapter 486A   (Site not responding. Last check: 2007-10-20)
A general partnership may be created by a verbal agreement, however, it is customary and recommended that the partners define their rights and duties in a written agreement.
A general partnership is not required to file a Statement of Partnership Authority with the Secretary of State but it is recommended.
As mentioned, a partnership agreement is not necessary, although it is advised.
www.sos.state.ia.us /business/genpart.html   (627 words)

 Partnership Agreement - General Partnership Agreement, $11.99 (free trial)
A variant of the standard partnership (known as "general partnerships") is the "Limited Partnership" wherein one or more partners acts as the "general partner" and remain liable for all partnership debts while the remaining partners have the status of "limited partners" and are not liable for partnership debts.
Upon termination of the partnership, the partnership assets are liquidated, the partnership debts paid, and the remaining liquid assets are distributed to the partners as stated in the agreement.
As a partnership is managed and operated by its partners, the vast majority of general partnerships have restrictive covenants or clauses contained in the partnership agreement which require a vote of the partners to approve the admittance of new partners.
www.medlawplus.com /forminfo/generalpartnershipagreement.htm   (1709 words)

 Free Legal Forms
Partnership Formed to Act As One of General Partners of Limited Partnership Partnership formed to act as one of general partners of limited partnership.
Buy-sell Agreement The partners desire to arrange for the sale to the partnership of the interests of any deceased partner in the partnership, and the partners believe it to be for their best interests and for the best interest of the partnership that the interest of a deceased partner be acquired by the partnership.
The partnership shall continue the business of the dissolved partnership referred to and shall continue the business of manufacturing, jobbing, selling, retailing and dealing in and with ___, and generally to conduct a ___ and do such other business as may be germane.
www.freelegalforms.net /FreeLegalForms.cfm?criteria=partner   (1338 words)

 Vicarious liability in a general partnership   (Site not responding. Last check: 2007-10-20)
One of the most important features of organizing a law firm--or any other business--as a general partnership is that the partners are individually liable for the debts of the partnership and the torts of the other partners.
A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership.
A general partner continues to be exposed to liability after he leaves the partnership for cases that were begun while he was a partner unless he affirmatively contracts with the client not to be bound by any subsequent malpractice.
www.hartley.com /gpviclia.htm   (950 words)

 California Business Portal - General Partnerships
Provisions governing general partnerships are found in California Corporations Code Section 16100 et seq.
General Partnerships formed before January 1, 1997 may elect to be governed by the Uniform Partnership Act of 1994, as amended in 1996 (The Act).
All general partnership statements filed with the Secretary of State's Office pursuant to the Act are permissive and not mandatory, at this time.
www.ss.ca.gov /business/gp/gp.htm   (127 words)

 General Partnership
A general partnership (or simply partnership) is an association of two or more people carrying on a business with the goal of earning a profit.
A partnership is a tax-reporting entity, not a tax-paying entity.
As in the case of a sole proprietorship, if the partnership chooses a ficticious name (different from the names of the partners), it is required to file that name with the state.
www.quickmba.com /law/partnership/general   (1402 words)

 Limited Partnership
While a general partner in an LP has unlimited personal liability, a limited partner's liability is limited to the amount of his or her investment in the company.
As in a general partnership, income can be allocated each year among the partners in a way that minimizes taxes.
Since the limited partnership no longer existed at the time of the sale, the issue is whether Legum really was a general partner and therefore whether he had unlimited personal liability.
www.quickmba.com /law/partnership/limited   (910 words)

 General Partnership
A general partnership is formed when two or more individuals create a for-profit, unincorporated business and are all part owners of it.
A general partnership can be created even if you did not intend it.
A partnership is in some ways like a dual or multi-person sole proprietorship.
www.job-employment-guide.com /general-partnership.html   (181 words)

 General Partnership Agreement Form
Any act beyond the scope of this partnership agreement or any contract that may subject this partnership to liability in excess of one hundred thousand dollars shall be subject to the prior written consent of all of the partners.
Selling out - If a general partner decides to sell their interests in the partnership business to the remaining partner the interests will be valued at the one half the current business equity plus two percent or the in effect cost of living percentage.
No general partner may sell their interests in the partnership business to a third party unless it is mutually agreed to by the general partners.
www.lectlaw.com /forms/f068.htm   (680 words)

 Limited Partnership   (Site not responding. Last check: 2007-10-20)
However, as long as transfers to a limited partnership are not made with an actual intent to hinder, delay, or defraud creditors, the transfer should not be voidable and it should be upheld as valid.
If the partner lists the assets or pays his or her own personal expenses from the partnership account, these actions can open the door to claims by third parties such as creditors or the IRS that the limited partnership is just a sham and an alter ego of the partner.
Therefore, if a general partner makes a bad decision that involves a huge liability and the partnership does not have sufficient assets to cover the liability, then the general partner will personally be liable for the payment of the liability out of the general partner’s own pocket.
www.riddleandbrazil.com /articles/limitedpartnership.htm   (1016 words)

Given these consequences, if a general partnership is the form of business entity desired, prospective partners should carefully consider all of the issues with the assistance of an attorney and draw up a partnership agreement which can modify some of the statutory rules that would otherwise govern the partnership.
A relatively recent innovation in Missouri law is the possibility of registering a general partnership as a limited liability partnership.
In a limited liability partnership, individual partners are shielded from individual liability for partnership obligations that were caused by another partner’s or employee’s misconduct.
www.scottlawfirm.com /partners.htm   (482 words)

 [No title]
The certificate of limited partnership is not a constitutive document (except in the sense that it is a statutory prerequisite to creation of the limited partnership), and merely reflects the most basic matters as to which government officials, creditors, and others dealing or considering dealing with the partnership should be put on notice.
partnership agreement, a partner is obligated to the limited partnership to perform any enforceable promise to contribute cash or property or to perform services, even if he [or she] is unable to perform because of death, disability, or any other reason.
A foreign limited partnership may register with the Secretary of State under any name, whether or not it is the name under which it is registered in its state of organization, that includes without abbreviation the words "limited partnership" and that could be registered by a domestic limited partnership.
www.law.upenn.edu /bll/ulc/fnact99/1980s/ulpa7685.htm   (13017 words)

 General Partnership - Business Law and Insurance Articles
It is possible to have a partnership without a formal agreement, in which case you will be governed by the Uniform Partnership Act, but this allows for little flexibility or protection in events such as one partner leaving.
The chief benefit of a general partnership is that you have someone with whom to share the business burden.
If you do form a partnership, each year you have to file a partnership information return that tells the IRS and state officials how much the partnership earned or lost, and how those gains and losses are to be divided among the partners.
www10.americanexpress.com /sif/cda/page/0,1641,15749,00.asp   (481 words)

 General Partnership   (Site not responding. Last check: 2007-10-20)
A general partnership is when two or more people are co-owners in a business.
In a general partnership, the partners share the control, profits, and assets equally, and are all equally liable for any company debts incurred.
In a general partnership, all the partners have an equal share of the profits (unless the partners all agree that some get more than others).
www.yellowclouds.com /legal-3/general_partnership.html   (221 words)

 Wisconsin.gov - Build Your Business - General Partnership   (Site not responding. Last check: 2007-10-20)
A general partnership is an association of two or more persons to carry on a business as co-owners for profit.
A general partnership, like the sole proprietorship, is a business form with unlimited liability for the partners.
A general partnership who wish to conduct business under a name other than the real name of the person may elect to file a Registration of Firm Name with the county Register of Deeds according to the instructions.
www.wisconsin.gov /state/byb/genpartnership.html   (220 words)

 Definition of General Partnership
A partnership is formed when two or more persons agree to carry on a business together.
A general partnership is formed when two or more people intend to work together to carry on a business activity.
Because each of the partners has unlimited personal liability, a general partnership is the single most dangerous form for conducting one’s business.
www.rjmintz.com /general-partnerships.html   (602 words)

 General partnership
Anything that one partner does affects all of the partners, because each partner of the of the general partnership is personally responsible for all obligations of the partnership.
Thus each general partner's exposure to risk is increased by a factor equal to the number of general partners in the business.
It provides general legal information to help people understand their legal rights in 130+ legal topics, but is not a substitute for personal legal advice from an attorney.
business-law.freeadvice.com /partnerships/general_partner02.htm   (367 words)

 General Partnerships - Incorporate at MyCorporation.com   (Site not responding. Last check: 2007-10-20)
A partnership agreement, however, will usually provide for the manner in which profits and losses are to be shared.
For example, if the partnership assets are insufficient to satisfy a creditor's claims, the partners' personal assets are subject to attachment and liquidation to pay the business debts.
However, most partnership agreements provide for these types of events with the share of the departed partner being purchased by the remaining partners in the partnership.
www.mycorporation.com /Genpart.htm   (380 words)

 Illinois General Partnership   (Site not responding. Last check: 2007-10-20)
General partnerships are made up of the two or more persons, called general partners, who enter an agreement to conduct business for a profit.
General partners have a fiduciary duty of loyalty and trust to the other partners and must subordinate their personal interests to those of the partnership.
A partnership may be created without formalities, much like a sole proprietorship.
www.messersmithlaw.com /html/general-partnership.html   (172 words)

 LEGALDOCS - Limited Partnership Agreement   (Site not responding. Last check: 2007-10-20)
The General Partner shall open and thereafter maintain a separate bank account, and/or a property management trust account as deemed necessary by the General Partner, in the name of the Partnership with a bank of General Partner' choosing, in which there shall be deposited all of the funds of the Partnership.
Neither the General Partner nor the Partnership shall be required to determine the tax consequences to a Limited Partner or his or her assignee, arising from the assignment of a Limited Partnership interest.
When a General Partner ceases to be a General Partner pursuant to a vote by the Limited Partners to terminate such General Partner's interest for cause per Section 5.05 ("Removed General Partner"), the Removed General Partner shall be required to convert his General Partnership interest into a limited partnership interest.
www.legaldocs.com /htmdocs/xltd-agr.htm   (6971 words)

 [No title]
A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.
Although Section 110(a) grants plenary authority to the partnership agreement to regulate “relations among the partners and between the partners and the partnership,”; that authority is subject to Section 110(b).
A general partnership case may be relevant by analogy, especially if (1) the issue in dispute involves a provision of this Act for which a comparable provision exists under the law of general partnerships; and (2) the fundamental differences between a general partnership and limited partnership are immaterial to the disputed issue.
www.law.upenn.edu /bll/ulc/ulpa/final2001.htm   (6142 words)

 General Partnership   (Site not responding. Last check: 2007-10-20)
A partnership is not an employer of the partners, for most purposes, as a result, for example, a partner who leaves a partnership is not entitled to unemployment benefits.
Although such an agreement is not required to form a partnership, it is highly desirable for the same reasons that written contract are generally preferred.
To determine whether there is a partnership in the absence of an express agreement, the courts in Utah use the definition of partnership in Utah statute (48-1-3 UCA).
www.commerce.state.ut.us /cor/genpart.htm   (750 words)

Under the Uniform Partnership Act, it is well established that a creditor of an individual partner cannot levy directly on a partner's interest in a partnership or on the partnership assets, the court said, citing several dissolution cases, including Addis v.
The court noted that a general partner's interest in a partnership is personal property, consisting solely of the partner's right to receive a fair share of the profits and surplus, and the net partnership assets after dissolution of the partnership.
The other general partner should be notified and joined as a party to the proceeding to impose a charging lien on the husband's partnership interest, the court added.
www.divorcesource.com /research/edj/closelyheldcorp/94mar36.shtml   (613 words)

 general partnership and Stock Trading at TradeStars + Stock Trading   (Site not responding. Last check: 2007-10-20)
The general rise in markets seems to be a reflection of publication, general partnership: Your Dollars at Risk.
We also have warnings and tips about online trading into the false belief that general partnership is a surefire strategy to make them rich.
A day trade is the purchase and sale (or short sale and purchase) of the same security on the same day in a single general partnership account.
www.tradestars.com /content/general-partnership.asp   (159 words)

 Limited Partnerships - Incorporate at MyCorporation.com   (Site not responding. Last check: 2007-10-20)
General partners remain personally liable for partnership debts while limited partners incur no liability with respect to partnership obligations beyond their capital contributions.
Duration: Death, disability, or withdrawal of a general partner dissolves the partnership unless the partnership agreement provides otherwise or all partners agree, in writing, to substitute a general partner.
The California Limited Partnership Act, for example, requires the filing of a certificate with the Secretary of State, applies restrictions on the use and availability of partnership names, contains statutory requirements with respect to the manner of calling and holding meetings, and contains many corporation-like requirements.
www.mycorporation.com /Limpart.htm   (223 words)

 Law Offices of Robin S. Gnatowsky - LIMITED/GENERAL PARTNERSHIP QUESTIONNAIRE   (Site not responding. Last check: 2007-10-20)
IF A GENERAL PARTNERSHIP OR JOINT VENTURE -- It is possible to provide for assignment of allocations and distributions (i.e., just financial interests in the Partnership), without including voting rights and other rights of a Partner.
The term of Partnership to expire on: __Dec.
IF A GENERAL PARTNERSHIP OR JOINT VENTURE -- Are the other Partners to agree, in advance, to buyout the interest of a Partner who dies or becomes totally disabled (or retires)?
trustandestatelaw.lawoffice.com /partnership.htm   (887 words)

 The LeanLegal Encyclopedia & FAQ (common sense answers to frequently asked legal questions)   (Site not responding. Last check: 2007-10-20)
Is a written partnership agreement necessary for all partnerships?
What is the difference between a general partnership and a limited partnership
Is there a general definition for what is or is not a business expense?
www.leanlegal.us /faq.asp   (1392 words)

 GENERAL PARTNERSHIP AGREEMENT   (Site not responding. Last check: 2007-10-20)
The Partners wish to set forth, in a written agreement, the terms and conditions by which they will associate themselves in the Partnership.
Its principal place of business shall be _____ADDRESS_____, until changed by agreement of the Partners, but the Partnership may own property and transact business in any and all other places as may from time to time be agreed upon by the Partners.
To purchase the General Partnership Agreement in full, please visit the MusicLegalForms.com website.
www.musiclegalforms.com /sam-generalpartner.html   (144 words)

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