Business Law

Can a trust be a partner in a partnership?


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2010-06-22 06:55:45
2010-06-22 06:55:45

yep trust is the main thing in your relationship

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Yes, where the state corporation statutes allow it. A partnership, LLC or corporation also generally can be a partner in a partnership.

A partnership that requires only one partner to be a general partner is called a limited partnership. This is a form of partnership.

Yes, an LLC can be a partner is a partnership and they often are. In this case, all partners in the general partnership are general partners.

Withdraw as a partner. The partnership agreement should address this issue.

he is the sole propritor of a partnership

Take the partner to court to preserve your interests, and disolve the partnership.

Where a corporation is a partner in a partnership, the corporation's directors can have an indirect effect on the partnership.

Yes. A corporation is an artificial person but is a person according to the law and thus can be a partner in a partnership.

My considered opinion is as follows: A partnership firm being not a juristic person, can not become a partner of another firm. The partners can.

Partnership has a limited span of life, so if one partner will resign the partnership will be dissolved.There will be some changes or adjustments to be made by the remaining partners.

Well it depends on what kind of partnership are you in.

A partnership does not automatically dissolve if a partner is deemed incompetent. The partnership documents should state the procedure if one partner becomes incapacitated for any reason, which would include incompetency.

The Partnership Act of 1932 allows for a Limited Liability Partnership. In a Limited Liability Partnership, one partner is not responsible for another partner's negligence and misconduct. Depending on the state, and the partnership, there are varying degrees of limited partnership.

Ralph C. Anzivino has written: 'Partner and Partnership Bankruptcy (Bankruptcy Practice Library)' 'Partner and Partnership Bankruptcy' -- subject(s): Bankruptcy, Partnership 'Partner and Partnership Bankruptcy, 1994 Cumulative Supplement No 1 (Bankruptcy Practice Library)'

A general partnership is a business design in which each partner of the business is responsible for the companyâ??s debts. The actions of one partner are binding for each partner within this relationship. The abbreviation for a general partnership is GP.

In principle, unless the wife was declared as a successor to her mother as partner in the trust, she would not automatically be the new partner. Successors and beneficiaries (inferior trusts) must be declared in the minutes or addenda contract's parts. A partnership is not a good way to go. However, when a partner dies, the other partner is now by him or herself. The best way is a pure trust wherein a board of managing directors exists elected by the board of trustees. When a managing director dies, nothing happens except condolences and his successor would take his or her position. can be of service at no cost.

They LIED, You can not trust your EX-partner.

Yes. A partner can be expelled (called dissocation under the Uniform Partnership Act or Uniform Limited Partnership Act) for (1) doing something unlawful or against the best interests of the partnership; or (2) a violation of the partnership agreement. The partner continues to be liable for his or her acts or omissions that occured before dissociation, or for proximately-occuring consequences thereafter, and may have rights to a distribution of a partnership share at winding up of the partnership.

Only one partner is required to be a general partner.

If a partner has authority to act and the partnership is bound by the act, each partner has unlimited personal liability for the obligation

they are a partnership

Partnership can come to an end by the following reasons. If they mentioned the validity to be a partner in the firm, under the partners mutual willingness to terminate himself from de partnership and if any partner misbehavied in a firm others can revoke that partner from the firm

a partner owning 25% of partnership capital and profits sells the asset to the partnership

Unless the partner signed an agreement to void the partnership resolution, then that person didn't formally leave the partnership.

The abstract noun form of the concrete noun 'partner' is partnership.

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