Partnerships Attorneys
A partnership is a for-profit business association of
two or more persons. Because the business component is defined broadly
by state laws and because "persons" can include individuals, groups of
individuals, companies, and corporations, partnerships are highly adaptable
in form and vary in complexity. Each partner shares directly in the organizations
profits and shares control of the business operation. The consequence
of this profit sharing is that partners are jointly and independently
liable for the partnerships debts.
Creation, organization, and dissolution of partnerships are governed
by state law. Many states have adopted the Uniform Partnership Act. A
partner relationship is generally the result of a contract either expressed
or implied with no formal requirements (such as a signed document). To
determine whether a partnership exists courts look at: (1) intention of
the parties, (2) sharing of profits and losses (3) joint administration
and control of business operation, (4) capital investment by each partner,
and (5) common ownership of property.
Under state agency law, partners are personally liable for torts committed
by the partnership and its agents [This is not the case of a limited partnership
where one or more general partners manage business operations and assume
personally liable for partnership debts while other contributing/profit
sharing partners take no part in running the business and incur no liability
beyond contribution obligations.
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