Partnership. Definition. Partnership: Can be created by contract of inadvertently. Ownership and responsibilities, along with profits and losses, are shared by two or more. Unlimited Liability. Partners carry on a continuing business together with the intention of making profit.
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A partner may not negotiate a contract on behalf of the partnership in an amount greater that $10,000 without the approval of the two other partners.
We will provide you this loan, but we decide how you spend it
And we get to see your partnership agreement too
What do you mean you and your partners have financial difficulties and can’t pay me back?!!
See you all in court!
PS: Dilbert and Evans have control over how their contributed capital be used, and this is not considered as participation in the management decisions, thus it will not make them join the partnership