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PARTNERSHIP KIT

The Complete Partnership Kit
TABLE OF CONTENTS

List of Forms Table of Contents Introduction Buy Now

Chapter
TITLE
PAGE
Introduction1-2
Preface3-4
Chapter OneThe Characteristics of a Partnership5-6
Chapter TwoThe Legal Formation of a Partnership
1. Partnership by Contract
2. Partnership at Will
3. Partnership by Estoppel		7-8
7
7
7-8
Chapter ThreeThe Definition of Partnerships and Similar Business Organizations
1. General Partnerships
2. Limited Partnerships
    General Partners
    Limited Partners
         a. Limited Investments
         b. Limited Liability
         c. Non-Participation in management
         d. Transferability or Whithdrawal of Interest
3. Limited Liability Partnerships
4. Family Partnerships
5. Joint Ventures
6. Joint Stock Companies
7. Limited Liability Company
8. Massachusetts (Business) Trust
9. Unincorporated Associations
10. Subchapter S Corporations
    Advantages
    Disadvantages		9-12
9
9-10
9
9
9
9
9
9-10
10
10
10
10
10-11
11
11
11-12
12
12
Chapter FourThe Legal Theories of a Partnership
1. Aggregate Theory
2. Entity Theory		13-14
13
13-14
Chapter FiveThe Advantages an Disadvantages of a Partnership
Advantgages
1. Ease of Organizing
2. Ease of Raising Capital
3. Flexibility of Management
4. Multi-State Powers
5. Established Laws Regarding Partnerships
Disadvantages
1. Instability of the Organization
2. Unlimited Liability
3. Lack of Tax Incentives
4. Lack of Ownership
Conclusion		15-17
15-16
15
15
15
15-16
16
16-17
16
16
16
16-17
17
Chapter SixThe Partnership Property
1. Internal Revenue Code Treatment
2. Bankruptcy Code Treatment
3. The Intention of The Partners
4. Factors of Owership
    a. Vested Title
    b. Property Improvements
    c. Method of Acquisition
    d. Operational Use
    e. Accountability
Conclusion		19-20
19
19
19
20
20
20
20
20
20
20
Chapter SevenThe Rights of The Partners
1. Partnership Property
    a. Right of Possession
    b. Unassignability of Possession Rights
    c. Community Property Rights
2. Partnership Interest
    a. Assignability
    b. Creditor's Rights
3. Participation In Management		21-22
21
21
21
21
21-22
22
22
22
Chapter EightPartnership Relations
1. Between The Partners
    a. Accountability of Income
    b. Competive Business
    c. Full Tim Devotion
    d. Acquisition of Property
    e. Consent or Waiver
2. Between Third Parties
    a. Agency Relationship
    b. Agency Capacity
    c. Principal-Agency Formalities
    d. Agency Limitations
    e. Apparent Authority
    f. Termination of Authority
3. Between The Creditors
    a. Silent Partner
    b. New Partner
4. Third Party Tort Actions		23-26
23
23
23
23
23
23
23-25
24
24
24
24
24
25
25-26
25
26
26
Chapter NineThe Legal Capacity To Become a Partner
1. Minor Child as a Partner
2. Corporation as a Partner
    The Lack of Authority
    The Lack of Legal Capacity		27-28
27
27
27-28
28
Chapter TenThe Dissolution of a Partnership
1. Voluntary Dissolution
    a. Expiration of The Partnership Term
    b. Completion of The Partnership Project
    c. Accomplishment of The Partnership Objectives
    d. Express Choice of a Partner
         Limitations
         Fixed Term Partnership
2. Involuntary Dissolution
    a. Admission of a New Partner
    b. Bankruptcy of a Partner
         No Property
         Exempt Property
    c. Death of a Partner
    d. Expulsion of a Partner
    e. Illegal Business Activity
    f. Judicial Decree
         Insanity
         Incapacity
         Improper Conduct
    g. Withdrawal of a Partner		29-32
29
29
29
29
29
30
30
30
30
30-31
31
31
31
31-32
32
32
32
32
32
32
Chapter ElevenWhat This Text Provides33-34
Chapter TwelveForming The Partnership
1. The Partnership Name
    Availability
    Restrictions
2. Describing The Partnership Business
3. The Division of Profits
    Capital Contribution Method
    Division by Agreement		35-37
35
35-36
36
36-37
36-37
37
A. The Selection and Preparation of The Partnership Forms38-37
1. Forming The General Partnership
    General Partnership Agreement
    Relevant Form
    Optional Forms
    Preparation Directive
    Overview		38-40
38
38
38
39-40
40
2. Forming The Limited Liability Partnership
    Limited Liability Partnership Agreement
    Relevant Forms
    Optional Forms
    Peparation Directive
    Overview		40-41
40
40
40
41
41
3. Forming The Limited Partnership
    Limited Partnership Agreement
    Relevant Forms
    Optional Forms
    Preparation Directive
    Overview		41-43
41
41-42
42
42
43
4. Forming The Family Limited Partnership
    Family Relations
    Business Purpose
    Capital Requirement
    Minor Child's Interest
    Asset Protection
    Estate Planning Benefits
    Family Limited Partnership Agreement
    Relevant Forms
    Optional Forms
    Preparation Directive		43-46
43
43
43
43-44
44
44-45
45
45
45-46
46
5. Forming The Irrevocable Trust
    Assignment and Acceptance of Gift
    Declaration of Irrevocable Trust		47
47
47
B. Business License, Insurance & Tax Numbers
    Conclusion		47-48
47-48
Appendix A (Specimen Examples)
    Index To Specimen Examples
    Specimen Examples		49-117
50-51
52-117
Appendix B (Completed Partnership Forms)119

List of Forms Table of Contents Introduction Buy Now
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