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May a partnership be organized for the exercise of a profession?
Wiki User
∙ 12y ago
it depends what kind of juridical persons are forming the partnership, if at least one of the juridical persons is a corporation, there will be no partnership. but if those persons are partnerships then yes they may. "the law does not allow individuals to practice a profession as a corporate entity."
Wiki User
∙ 11y ago
Wiki User
∙ 12y agoharful
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Can we say in English exercise a profession?
No. We practice a profession, in which we may exercise our abilities.
What is a business partnership?
Two people (or more) forming a company on equal terms is a business partnership.2 or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves.2 or more persons may also form partnership for the exercise of a profession. (Article 1767 of the Civil Code)where two or more peopole come together to open up a buisness
Classifications of partnerships?
CLASSIFICATIONS OF PARTNERSHIP 1. As to extent of its subject matter a. UNIVERSAL PARTNERSHIP i. UNIVERSAL PARTNERSHIP OF ALL PRESENT PROPERTY - comprises the following: a) Property which belonged to each of the partners at the time of the constitution of the partnership b) Profits which they may acquire from all property contributed ii. UNIVERSAL PARTNERSHIP OF PROFITS - comprises all that the partners may acquire by their industry or work during the existence of the partnership Note: Persons who are prohibited from giving donations or advantage to each other cannot enter into a universal partnership b. PARTICULAR PARTNERSHIP - has for its objects: i. Determinate things ii. Their use or fruits iii. Specific undertaking iv. Exercise of profession or vocation 2. As to liability of partners a. GENERAL PARTNERSHIP - consists of general partners who are liable pro rata and subsidiarily and sometimes solidarily with their separate property for partnership debts b. LIMITED PARTNERSHIP - one formed by 2 or more persons having as members one or more general partners and one or more limited partners, the latter not being personally liable for the obligations of the partnership 3. As to duration a. PARTNERSHIP AT WILL - one in which no time is specified and is not formed for a particular undertaking or venture which may be terminated anytime by mutual agreement b. PARTNERSHIP WITH A FIXED TERM - the term for which the partnership is to exist is fixed or agreed upon or one formed for a particular undertaking 4. As to legality of existence a. DE JURE PARTNERSHIP - one which has complied with all the legal requirements for its establishment b. DE FACTO - one which has failed to comply with all the legal requirements for its establishment 5. As to representation to others a. ORDINARY OR REAL PARTNERSHIP - one which actually exists among the partners and also as to 3rd persons b. OSTENSIBLE OR PARTNERSHIP BY ESTOPPEL - one which in reality is not a partnership but is considered a partnership only in relation to those who, by their conduct or omission, are precluded to deny or disprove its existence 6. As to publicity a. SECRET PARTNERSHIP - one wherein the existence of certain persons as partners is not avowed or made known to the public by any of the partners b. OPEN OF NOTORIOUS PARTNERSHIP - one whose existence is avowed or made known to the public by the members of the firm 7. As to purpose a. COMMERCIAL OR TRADING PARTNERSHIP - one formed for the transaction of business b. PROFESSIONAL OR NON TRADING PARTNERSHIP - one formed for the exercise of a profession
Can a partner force you to sell your half to him?
That may not be possible but it may depend on the terms and provisions in the partnership agreement. However, the alternative may be the dissolution of the partnership, liquidation of all partnership assets, and distribution of shares to all partners according to their partnership agreement (or equally, if no agreement).
What is the difference between liquidation and dissolution in the context of partnership?
liquidation of partnership is when partnership is broken due to the insuficient fund problem a partnership may encounter, while dissolution of partnership is when partnership is resolved according to the decision taken by the partners
What is mean a deed of partnership?
Agreement between partners is termed as partnership deed.It may be written or oral
How do you file taxes for an informal partnership?
An informal partnership should file Form 1065. For individuals in a partnership you may be liable to file a 1040 for income and self employment tax.
What are inter-organizational partnerships?
IT IS THE TYPE OF PARTNERSHIP WITHIN THE CIRCLE OF THE BUSINESS ONLY. In other words, the sales organization may have a strong partnership with the marketing department. The same may go for the product development department's partnership with the marketing team. There may not be any one exclusive partnership within an organization, as a matter of fact, I don't think that's possible.
Can a partner be expelled if so how what are the rights and liabilities of an expelled partner?
Yes, a partner can be expelled from a partnership under certain circumstances, typically outlined in the partnership agreement. The process for expulsion usually involves a vote by the remaining partners. Rights and liabilities of an expelled partner will depend on the specific terms outlined in the partnership agreement, but generally, the expelled partner may have the right to buyout their interest or may be entitled to receive their share of the partnership's assets. However, they may also be liable for any outstanding partnership debts or obligations.
What is the highest nursing profession?
There are now doctoral programs offered in nursing. Now this is the degree, the profession which may be considered as the highest may be strictly dependent on one's perception.
Can you get married in Illinois if you already have a domestic partnership?
Generally, domestic partnership is not a bar to marriage, even if it is with someone else. However, if your domestic partnership is with a statewide registry and is substantially equivalent to marriage, then some states may recognize your domestic partnership as a marriage. If that is the case, then you must dissolve your domestic partnership before you can marry another person.
The information and intelligence function may be organized in one of which ways?
The information and intelligence function may be organized in one of the following ways:
