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Revised Uniform Partnership Act § 301 (1997).
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1May an individual partner bind a partnership?
May an individual partner bind a partnership?2Are partners liable for the obligations of the partnership?
Are partners liable for the obligations of the partnership?3If a partner is personally liable for a judgment against a partnership, must a judgment creditor first attempt to satisfy a judgment from the partn...
If a partner is personally liable for a judgment against a partnership, must a judgment creditor first attempt to satisfy a judgment from the partnership’s assets before attempting to satisfy the judgment from the partner’s personal assets?4Under the Revised Uniform Partnership Act (RUPA), what are the five exceptions to the exhaustion requirement?
Under the Revised Uniform Partnership Act (RUPA), what are the five exceptions to the exhaustion requirement?5A supplier had been providing raw materials to a general partnership’s business. Generally, the supplier delivered materials on the first of every ...
A supplier had been providing raw materials to a general partnership’s business. Generally, the supplier delivered materials on the first of every month, and the partnership would pay for the delivery within 90 days. The supplier accepted this arrangement, because he knew one of the partners was wealthy. Unfortunately, the partnership was experiencing significant financial distress and suddenly filed for bankruptcy. The supplier’s last three deliveries remained unpaid. The jurisdiction follows the RUPA.Can the supplier immediately try to recover from the wealthy partner’s personal assets for the unpaid deliveries?6A failing general partnership owned an oil well in a foreign country. The oil well was valuable, though none of the partners were quite sure how to...
A failing general partnership owned an oil well in a foreign country. The oil well was valuable, though none of the partners were quite sure how to sell it, and there were many regulations involved with selling it. This made liquidating the well excessively burdensome. The partnership had owed a key creditor $100,000 for several months without making any payments. The creditor intended to go after the partners’ personal assets to satisfy this debt. The partners argued that the creditor could not go after their personal assets to satisfy this partnership debt until all of the partnership’s assets had been exhausted. The partnership’s only real remaining asset was the foreign oil well. The jurisdiction follows the RUPA.What does the creditor need to do to go after the partners’ personal assets directly to satisfy the partnership’s debt?7May a liable partner seek contribution from other partners?
May a liable partner seek contribution from other partners?8What is partnership by estoppel?
What is partnership by estoppel?9Is an incoming partner who joins an existing partnership personally liable for all partnership obligations?
Is an incoming partner who joins an existing partnership personally liable for all partnership obligations?10Is a dissociating partner who leaves an existing partnership personally liable for partnership obligations incurred before dissociation?
Is a dissociating partner who leaves an existing partnership personally liable for partnership obligations incurred before dissociation?11May a partnership own property in its own name?
May a partnership own property in its own name?12May a partnership own property that is not owned by the individual partners?
May a partnership own property that is not owned by the individual partners?13May partnership property be transferred?
May partnership property be transferred?14May an individual partner transfer partnership property held in the individual partner’s name?
May an individual partner transfer partnership property held in the individual partner’s name?15Several friends formed a general partnership to manage rental properties. The partnership was highly successful and regularly issued distributions ...
Several friends formed a general partnership to manage rental properties. The partnership was highly successful and regularly issued distributions to the partners. One partner was experiencing some financial distress. An investor was willing to give this partner a one-time, lump-sum payment for the partner’s interest in future distributions issued by the partnership. The partner wanted to maintain her partnership interest but sell her right to future distributions to the investor. The partnership agreement is silent on the issue of the transferability of distributions. The jurisdiction follows the RUPA.Can the partner sell her interest in future distributions?16Are partners entitled to inspect the partnership’s books and records?
Are partners entitled to inspect the partnership’s books and records?17Does a partner have the right to dissociate from the partnership?
Does a partner have the right to dissociate from the partnership?18Under what circumstances is a partner’s dissociation from a partnership wrongful?
Under what circumstances is a partner’s dissociation from a partnership wrongful?19May a dissociated partner bind her former partnership?
May a dissociated partner bind her former partnership?20May a partnership be bound by a partner’s actions that occur after the partnership has been dissolved?
May a partnership be bound by a partner’s actions that occur after the partnership has been dissolved?