Chapter 36 Partnerships and Special Business Forms Introduction Partnerships are governed both by common law and by statutory laws. Agency Concepts and Partnership Law: Each partner is deemed to be an agent of the other. There may be imputation of liability.
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Special Business Forms
Partners can agree in advance that, in the event of the death of one of the partners or some other event, what occurs: e.g., how much the deceased partner or her estate will get for interest, or whether the other partners can acquire the partnership interest. Partnership can buy life insurance to cover this accounting on partner’s death.