Assume that you and your best friend have decided to form a partnership after graduation. You have both studied business law, so you both know the importance of having a written partnership agreement. Summarize the clauses that you would include in your partnership agreement
The basic features of a partnership agreement are: (1) form-pursuant to the laws of the state in which formed; (2) name of the partnership and identity of the partners; (3) nature and scope of the business; (4) duration of partnership; (5) capital contributions of each partner; (6) division of profits and sharing of losses; (7) managerial duties; (8) provision for salaries, if desired; (9) restrictions, if any, on the authority of partners to bind the firm; (10) any desired variations from the partnership statute's default provisions governing dissolution; and (11) a statement of the method or formula for determining the value of a partner's interest in the partnership. Financial arrangements would state the percentage share of profits and losses and capital per each partner. Management section would state who would be the managing partner and any particular voting rights of the partners. Dissolution section would format the procedure for winding up and distributing partnership assets.
You might also like to view...
Organisms produced as a result of mitosis exhibit a great deal of genetic variation.
Answer the following statement true (T) or false (F)
People most commonly buy the services of a tattoo artist on the weekends. To encourage people to use their services on the weekdays, many tattoo artists adjust prices to influence demand
In other words, they use different prices to lessen the problems related to the ________ characteristic of services. A) intangibility B) inseparability C) perishability D) variability E) responsiveness
A project has the activity duration and cost information indicated in the table where all times are in weeks. For every week longer than 30 weeks, there is a penalty of $300
What is the highest total cost for completing this project? Activity Normal time Crash time Normal Cost Crash Cost Predecessor A 8 5 $1,000 2,000 B 6 4 1,500 2,000 A C 8 5 1,800 2,300 A D 12 9 1,000 1,800 B E 14 11 950 1,450 B F 9 7 1,500 1,900 C, D G 7 5 2,300 2,800 E, F A) $14,250 B) $13,950 C) $13,550 D) $13,150
The term __________ is used to describe a nonpracticing entity that purchases one or more patents with the intent to enforce the patents against infringers, rather than to manufacture a patented product or supply a patented service
a. patent troll b. illegal user c. patent hoarder d. patent stasher