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Partnership β’ General Partnerships
PT#011
Legal Definition
Where a partner wrongfully dissociates, the partnership is entitled to seek damages. However, where a partnership does not have a definite term, it is an at-will partnership that may be dissolved by express will.
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 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 required for a partner to transfer ownership of specific partnership assets?
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?