Chapter 25 - Sole proprietorships and partnerships. After completing this chapter, students will be able to: List the most common forms of business associations, outline the advantages and disadvantages of a sole proprietorship, identify the two model acts that govern partnership law,...
Business Law with UCC Applications,13e Sole Proprietorships and Partnerships Chapter 25 McGrawHill/Irwin Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved Learning Objectives List the most common forms of business associations Outline the advantages and disadvantages of a sole proprietorship Identify the two model acts that govern partnership law Describe the differences between the aggregate and the entity theories of partnership Explain the nature of a partnership agreement 252 Learning Objectives Explain when profit sharing does not create a partnership Explain what constitutes a person in partnership law Identify the different views of specific partnership property in partnership law Distinguish between dissociation and dissolution in partnership law 10 Distinguish between a registered limited liability partnership and a limited partnership 253 Sole Proprietorships and Partnerships • Sole Proprietorships – Formation of a Sole Proprietorship – Advantages and Disadvantages of a Sole Proprietorship 254 Sole Proprietorships and Partnerships • General Partnership Characteristics – Revised Uniform Partnership Act – Elements of a Partnership – Entity and Aggregate Theories 255 Sole Proprietorships and Partnerships • Partnership Formation – Formation of a Partnership by Contract – Formation of a Partnership by Proof of Existence 256 Sole Proprietorships and Partnerships • Formation of a Partnership by Proof of Existence – An Association of Two or More Persons – Co-Ownership of the Business – Carrying on a Business for Profit 257 Sole Proprietorships and Partnerships • Partnership Property Rights and Duties – Partnership Property – Specific Partnership Property – Interest in the Partnership – Partnership Rights and Duties 258 Sole Proprietorships and Partnerships • Interest in the Partnership – Transferable Economic Interest – Management of the Firm 259 Sole Proprietorships and Partnerships • Partnership Rights and Duties – Enforcement Rights – Partnership Duties – The Duty of Loyalty – The Duty of Obedience – The Duty of Due Care 2510 Sole Proprietorships and Partnerships • Dissociation and Dissolution – Dissociation of a Partnership – Dissolution of a Partnership 2511 Sole Proprietorships and Partnerships • Dissolution of a Partnership – An Action by the Partners – By Operation of Law – By a Court Order – Winding Up the Partnership Business 2512 Sole Proprietorships and Partnerships • Other Forms of Partnership Business – Registered Limited Liability Partnerships – Limited Partnerships 2513 ... Existence 25? ?6 Sole Proprietorships and Partnerships • Formation of a Partnership by Proof of Existence – An Association of Two or More Persons – Co-Ownership of the Business – Carrying on a Business. .. the Partners – By Operation of Law – By a Court Order – Winding Up the Partnership Business 25? ?12 Sole Proprietorships and Partnerships • Other Forms of Partnership Business – Registered Limited... in partnership law Distinguish between dissociation and dissolution in partnership law 10 Distinguish between a registered limited liability partnership and a limited partnership 25? ?3 Sole Proprietorships