Get Started. It's Free
or sign up with your email address
Partnership by Mind Map: Partnership

1. Phase 2: Incidents of Partnership

1.1. Property Rights of a Partner

1.1.1. In Specific Partnership Property - Co-ownership - Equal right to possess for partnership purpose - Not assignable - Not subject to attachment/execution, except claim against partnership - Not subject to legal support

1.1.2. Interest in the partnership Share of partner in the profits and surplus Conveyance by partner of his entire interest does not in itself dissolve the partnership

1.1.3. To participate in the management - To access, inspect & copy partnership books at any reasonable hour - To a formal account as to partnership shares - To ask for dissolution - To be reimbursed for amounts disbursed on behalf of the partnership & corresponding interest - To associate another person w/ him in his share, but the associate shall not be admitted into the partnership w/o consent of ALL partners

1.1.4. To true & full information

1.2. Obligations of Partners Among Themselves

1.2.1. - To contribute at the beginning, or at the time stipulated, money, property, or industry, which he promised - Answer for eviction if partnership is deprived of the determinate property contributed - Preserve property w/ diligence of a good father pending delivery - Answer for the fruits of the property, the contribution of which he delayed - Indemnify partnership for any damage caused by the retention of the property or delay in its contribution - To reimburse amount taken for own use - To be loyal, fiduciary duty - To share in profits and losses - To true & full information

1.3. Obligations of Partners to Third Persons

1.3.1. - Operate under a firm name - Liable for contractual obligations of partnership w/ their property after partnership assets have been exhausted - Admission or representation by partners re: affairs w/in scope of his authority shall be evidence against partnership - Notice to partner is notice to partnership - Solidarily liable w/ partnership for partner's tort or breach of trust - Every partner is an agent of the partnership

1.3.2. See: Partnership by Estoppel

1.3.3. New Partner - Liable for all obligations of partnership arising before his admission but only to the extent of his partnership property; except when there is a stipulation to the contrary - Liable for subsequent obligations w/ separate property