Explore the legal terms and concepts related to General Partnerships. Click on any term below to learn more about its definition and applications.
What is the winding up period?
The winding up period is the period between dissolution and termination (i.e., the true end of the p...
Can a partner transfer or share their right to manage the company?
No. A partner cannot sell or transfer their right to share in the management of the partnership, as...
What is the priority of distribution for assets of a dissolved partnership?
Note that each level of priority must be fully satisfied before beginning the next level: First, th...
If a partner wishes to dissociate from a general partnership, how can the partnership avoid dissolution?
The partnership may avoid dissolution by continuing its business and buying out the dissociated part...
What are the consequences of a partner who dissociates in breach of the partnership agreement?
Where a partner wrongfully dissociates, the partnership is entitled to seek damages. However, where...
What are the most common acts of dissociation that cause dissolution?
In the absence of an agreement setting forth specific events of dissolution, there are 4 common ways...
What common general rights issues are tested on exams?
Some of the most common general rights tested are (1) management, (2) salary, (3) share of profits a...
What is required for a partner to transfer ownership of specific partnership assets?
Individual partners must first receive authority from the partnership in order to transfer land, lea...
When liquidating a general partnership, how do you determine who owns what property?
Generally, in determining whether property is owned by the partnership or a partner in their persona...
What duty is owed between general partners, and what is the remedy for breach?
General partners are fiduciaries of each other and the partnership. They owe each other and the part...
What is liability by estoppel?
An individual who represents to a third party that their general partnership exists will be liable a...
How are existing, new, and retiring general partners liable for debts?
Each general partner is personally liable for all debts of the partnership and for each co-partner's...
Do agency principles apply to partners of a general partnership?
Yes. Partners are agents of the partnership, and are therefore liable for the acts and omissions of...
What is a general partnership and how does it form?
A general partnership is an association of two or more persons who carry on as co-owners of a busine...
