Cryto Eth

What ethical responsibilities do general partners have to one another why Quizlet

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1] The third party must show they reasonably relied, to their detriment, they held themselves out to be a partnership
2] When a person, by words spoken or written or by conduct, represents himself, or consents to another representing him or anyone, as a partner in an existing partnership or with one or more persons not actual partners, he is liable to any such person or to whom such representation has been made, who has, on the faith of such representation, given credit to the actual or apparent partnership, and if he has made representation or consented to its being made in a public manner he is liable to such person
i. When a partnership liability results, he is liable as though he were an actual member of the partnership
ii. When no partnership liability results, he is liable jointly with the other persons, if any, so consenting to the contract or representation as to incur liability, otherwise separately
3] There is a distinction between representation made in a public manner and private
i. If the representations is privately made, it may be taken advantage of only by persons to whom it was made; if it was publicly made, anyone can make use of it

UPA §9[1] provides that "Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way of business of the partnership of which he is a member binds the partnership, unless the partner so acting has, in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority"
i. To show that a business is carrying on in the usual way of business, look at the other businesses of the same nature - aka industry standard
ii. An act may be necessary for the carrying on of the business of a partnership, but when done by one partner the firm cannot be bound by it, UNLESS he has express or implied power to do the act
iii. The principle for imposing liability on the non-acting party, be the partner or ordinary principal, is that he has "held out" the actor as being empowered to perform acts of the nature of the act in question. "Holding out" is established by showing that the principal placed the agent in a position which ordinarily carries with it generally recognized power.

What is one of the duties of the partners in a general partnership quizlet?

Partner's rights and duties: Each partner is to have a capital account presenting the amount of that partner's contributions to the partnership, net of any liabilities, and the partner's share of the partnership profits or losses, less any distributions.

How is responsibility shared in a partnership quizlet?

Partners in a general partnership share equally in both responsibility and liability. Many of the same kinds of businesses that operate as sole proprietorships could operate as general partnerships.

What are the advantages of general partnership quizlet?

a general partnership offers the advantages of pooled financial resources and the benefits of a shared workload that can take advantage of complementary skills. The earnings of general partnerships are taxed only as income to the partners; there is no separate income tax on the business itself.

What two features characterize a general partnership quizlet?

Which two characteristics are true of partnerships? [1] They are not subject to federal income taxation and [2] they have limited life.