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Business Law 6

In: Business and Management

Submitted By Jamesyou1
Words 1099
Pages 5
1. Is it possible for two or more people to create a partnership unintentionally? A partnership also may be created when two or more parties who do not have a written agreement or even an intention to form a partnership act in such a way as to lead third parties to believe that a partnership exists.
2. How can a person overcome prima facie evidence of a partnership? By showing that the share of profits received represented wages or payments of a debt, interest on a loan, rent, or the purchase price of a business or goods.
3. Under the Uniform Partnership Act, is partnership property owned in the name of the partnership or in the names of the partners? Under the Uniform Partnership Act, any partnership property, whether real or personal, may be owned either in the names of the partners or in the name of the firm.
4. What can personal creditors of one partner do to try to collect the partners debt form the partnership?
The personal creditors of one partner can ask a court to order that payments due the debtor partner from the partnership be made to the creditors. They also can force the sale of a debtor partner’s interest in the partnership.
5. How will partnership profits and losses be share if the partnership agreement does not fix the ratio? If the partnership agreement does not fix the ratio of sharing the profits and the losses, they will be shared equally, not in proportion to the contribution to the capital.
6. If no date for the dissolution of a partnership is fixed at the time the partnership is formed, when may the partners dissolve it? If no date for the dissolution of a partnership is fixed at the time the partnership is formed, the partners may by mutual agreement dissolve the partnership at any time.
7. Does the purchaser of a partner’s interest in a partnership become a partner by the purchase? Explain....

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