There must be an agreement to carry on business in common and to share the profits.
There must be a business.
There must be a view to profit.
There must be at least 2 persons.
Participation in management
Control over the business
Hiring of employees
Responsibility for losses
Sharing of profits
Limited liability partners.
Name of firm name and the individuals.
Name of the individuals.
Name of friends and family.
No, because no person can enter into a contract with themselves.
Yes, because a person may enter into a contract with themselves.
If a partner is acting in the best interest of the business activity.
If the partner is acting not within the scope of the business activities, it doesn't bind all partners.
The estate gets divided equally between the other partners that may have an interest.
The estate remains severally liable for partnership debt.
Nothing, because it was not listed within the agreement.
On dissolution of the partnership after the discharge of all liabilities of the partners.
Before dissolution of the partnership and before the discharge of all liabilities of the partners.
Only if approved by LSUC.
At all times.
During the duration from the time negotiated till the affairs are final.
From the time stated on the agreement till the end of the agreement.
From the time stated on the agreement till forever, as good faith never ends.
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