Business associations

    Дисциплина: Иностранные языки
    Тип работы: Реферат
    Тема: Business associations


    Corporate bargain--limited liability



    a)Entity Status--a corporation is a legal entity created under the authority of


    its sh’s

    liability is limited to their investment;

    c)Free Transferability of Interest--shares, representing ownership interests, are freely


    d)Centralized Management and Control--a corp’s management is centralized in a board of dirs

    and officers. Shs have no direct control over the board’s activities;

    shs are taxed only on


    g)Remember Attributes of the Corporation--CLIFF:

    4)Freely alienable (shares can be sold).


    1.GENERAL PARTNERSHIPS--in most states, p’ships are governed by the Uniform Partnership Act (UPA). However, the

    Revised UPA (RUPA) has been adopted by a few states

    a)Aggregate Status--a p’ship is an aggregation of two or more persons who are engaged in

    business as co-owners. Although not a legal entity, a p’ship is treated as one for certain purposes, e.g., ownership and transfer of property. RUPA confers entity status on


    b)Unlimited Liability--every partner is subject to unlimited personal liability on p’ship


    c)Transferability of Interests--a partner cannot make a transferee a member of the p’ship.

    She can, however, assign his interest in the p’ship, thus permitting the assignee to receive distributions of profits. Because the assignee does not become a member of the p’ship, he

    is not entitled to participate in p’ship business or management.

    d)Duration and Dissolution--a p’ship cannot have perpetual existence. It is terminable at

    will unless a definite term is expressed or implied, and is also dissolved by death, incapacity, or withdrawal of any partner.

    1)Wrongful dissolution--p’ships can also be dissolved in contravention of

    the p’ship agreement, by the express will of any partner, by a court or by a partner’s conduct. Upon wrongful dissolution, nonbreaching partners may seek damages for breach and, if

    they choose to do so, may continue the p’ship upon payment to the breaching partner of the value of his interest.

    1)Compare--dissociation under RUPA--termination results in either the

    winding up of the p’ship or buyout of the dissociating partner, depending on the event triggering the termination. A buyout may be reduced by damages if dissociation was


    e)Management and Control--absent a contrary agreement, every partner has a right to

    participate equally in the partnership management.

    f)Autority--each partner, as an agent of the firm, may bind the p’ship by acts done for the

    carrying on, in the usual way, the business of the p’ship.

    1)RUPA--a p’ship is bound by a partner’s act for carrying on in the usual

    way either the actual p’ship business or a business of the kind carried on by the p’ship.

    g)Ownership of Property--title may be held in the name of the p’ship, but property is owned

    by the individual partners as tenants in p’ship. There is no tenancy in p’ship under RUPA, which provides that property acquired by p’ship is owned by p’ship, not individual


    h)Capacity to Sue and be Sued--under the UPA, a lawsuit may be brought by or against

    individual partners, rather than p’ship. Partners are jointly and severally liable for wrongful acts and breaches of trust; they are only jointly liable for debts and obligations of

    the p’ship.

    1)Statutory reforms--many state statutes specifically allow a p’ship to

    be sued in its own name. Other states make all p’ship liabilities joint and several. Other reforms provide that not all joint obligors need to be joined in a suit.

    2)RUPA--a p’ship may sue and be sued in its own name, and partners are

    jointly and severally liable for all p’ship obligations. A claim against the p’ship cannot be satisfied from a partner’s personal assets unless p’ship assets have been


    2.JOINT ...

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