Liquidating definition

As a practical matter, therefore, the present-day partnership has both aggregate and entity attributes.

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In addition, some courts would not allow a suit to go forward against a partnership unless the claimant named each partner in the complaint or added each partner as an "indispensable party." The RUPA generally adopted the entity approach, which treats the partnership as a separate legal entity that may own property and sue on its own behalf. The RUPA nevertheless treats the partnership in some instances as an aggregate of co-owners; for example, it retains the joint liability of partners for partnership obligations. that he was a common man, with common hands such as born ladies and gentlemen could not be expected to take meat and drink from), had behaved himself irreproachably until the arrival of Miss Wilson and her visitors, which occurred as he was returning to the table with an empty tray, moving so swiftly that he nearly came into collision with Mrs.that being utterly unaccustomed to wine, I had been intoxicated with the first glass, which I said, I had drunk before they arrived, while I was waiting for them at the Hotel de Paris between five and six o'clock.The societas provided for an accounting between its business partners, an agency relationship between partners in which individual partners could legally bind the partnership, and individual partner liability for the partnership's debts and obligations.

As the regular English courts gradually recognized the societas, the business form eventually developed into the common-law partnership.

The authors of the initial UPA debated whether in theory a partnership should be treated as an aggregate of individual partners or as a corporate-like entity separate from its partners.

The UPA generally opted for the aggregate theory in which individual partners ("an association") comprised the partnership. 14.-The free and personal choice of the contracting parties is so essentially necessary to the constituting of a partnership, that even executors and representatives of deceased partners do not, in their representative capacity, succeed to the state and condition of partners; 2 Ves.

Generally, if a person receives a portion of the profits from a business enterprise, the receipt of the profits is evidence of a partnership.

If, however, a person receives a share of profits as repayment of a debt, wages, rent, or an Annuity, such transactions are considered "protected relationships" and do not lead to a legal inference that a partnership exists.

England enacted its Partner-ship Act in 1890, and legal experts in the United States drafted a Uniform Partnership Act (UPA) in 1914. When there is a positive agreement at the commencement of the partnership, that the personal representative or heir of a partner shall succeed him in the partnership, the obligation will be considered valid.