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Partnership • General Partnerships
PT#007
Legal Definition
Individual partners must first receive authority from the partnership in order to transfer land, leases, or equipment owned solely by the partnership. However, shares of profits are personal property owned by the individual partners, and may thus be transferred by such individual partners without approval.
Related Concepts
Can a partner transfer or share their right to manage the company?
Do agency principles apply to partners of a general partnership?
How are existing, new, and retiring general partners liable for debts?
If a partner wishes to dissociate from a general partnership, how can the partnership avoid dissolution?
What are the consequences of a partner who dissociates in breach of the partnership agreement?
What are the most common acts of dissociation that cause dissolution?
What common general rights issues are tested on exams?
What duty is owed between general partners, and what is the remedy for breach?
What is a general partnership and how does it form?
What is liability by estoppel?
What is the priority of distribution for assets of a dissolved partnership?
What is the winding up period?
When liquidating a general partnership, how do you determine who owns what property?
