All flashcards

22 cards

1What are the legal requirements for the formation of a partnership?
2If a person receives a share of the profits of a business, is she a partner?
3What are the factors courts consider in determining whether a person is a partner in a partnership?
4What are the six reasons a person may receive a share of a general partnership’s profits that do not give rise to a presumption that the person is ...
5A general partnership sought to borrow money from one of its partner’s wealthy neighbors. The neighbor loaned $100,000 to the partnership in exchan...
6What is a partnership at will?
7What is a partnership for a definite term?
8What is a partnership for a particular undertaking?
9What are the three most common types of general partnerships?
10What is a partnership agreement?
11Must the parties create partnership agreement to form a general partnership?
12What is the test for whether a partnership by estoppel has been created?
13Two accountants, who were not partners, met privately with a company’s chief financial officer (CFO). To secure the company’s business, the account...
14A general partnership approached a local celebrity about endorsing the partnership’s landscaping services. The celebrity agreed. However, the busin...
15What is a limited partnership?
16Do limited partnerships arise from common law?
17Eight friends formed a general partnership to prepare legal documents for small businesses. After a few months, the friends learned that they would...
18What is a limited liability limited partnership (LLLP)?
19If not addressed by a partnership agreement, how is a general partnership converted into a limited liability partnership?
20A junior partner in a limited liability partnership was secretly embezzling a minuscule amount of funds from a client account. There were two other...
21Does a partner in a limited liability partnership have any personal liability for the partnership’s obligations if the partner takes an active role...
22A general partnership wanted to convert into a limited liability partnership. The binding partnership agreement provided that the agreement could b...

What are the legal requirements for the formation of a partnership?

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