TAILIEUCHUNG - Lecture Dynamic business law (3/e) - Chapter 37: Partnerships: termination and limited partnerships
Chapter 37 - Partnerships: termination and limited partnerships. After studying this chapter you will be able to understand: What are the steps in the termination of a partnership? How is a limited partnership formed? What are the rights and privileges of a limited partner and a general partner? | Chapter 37 Partnerships: Termination and Limited Partnerships Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 37: Partnerships: Termination and Limited Partnerships 37- Exhibit 37-1: The Life Cycle of a Partnership Formation--Partnership formed either by written agreement, articles of partnership, or by estoppel Performance—Business conducted as partners work for benefit of partnership, in accordance with partnership agreement Dissolution—Partnership dissolves either by act of court, act of partners, or operation of law Winding Up—Partners complete unfinished partnership business, collect and pay debts, collect partnership assets, and take inventory Termination or Continuation—Partnership terminates, or continues by creation of continuation agreement The life cycle of a partnership consists of several distinct stages. In the formation stage, the partnership is formed either by a written agreement, the articles of partnership, or the partnership is created by estoppel. In the performance stage, business is conducted as the partners work for the benefit of the partnership, in accordance with the partnership agreement. In the dissolution stage, the partnership dissolves either by an act of the court, an act of the partners, or through operation of law. In the winding up stage, the partners complete any unfinished partnership business, collect and pay debts, collect partnership assets, and take inventory. Finally, in the termination or continuation stage, the partnership either terminates, or continues through the creation of a continuation agreement. 37- Partnership Termination Begins when partnership dissolves Once partnership dissolved and assets liquidated and distributed (“winding up”), partnership terminated Partnership termination begins when the partnership is dissolved. Once the partnership is dissolved, and partnership assets .
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