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American law regards a partnership as an association
of two or more persons who have agreed to?
combine their labour, property, and skill, or some or?
all of them, for the purpose of engaging in lawful?
business and shared profits and losses between them. 1. ____??
The parties forming such an association is known as 2. ____??
partners. Partners may create a name and use a real 3. ____?
family name or names for a partnership. The agreement?
to form a partnership is known as an article of?
co-partnership or partnership contract. The importantest 4. ____??
provision of the agreement is the one stipulating the?
manner of distributing profits. ?
Any number of persons may contract to forming 5. ____?
a partnership, and firms of partners may enter into?
partnership with one another. However, most ?
corporations have not power to enter into partnership 6. ____? ?
if such power is expressly given in the corporate charter 7. ____??
or article of association. New members may be
admitted into an existed partnership only with the 8. ____??
consent of all the partners. The agreement of a partnership?
has a definite term of years in general. If no duration?
is specified, it is said to be a partnership at?
will and can legally terminate at any time by any 9. ____?
partners. A partnership can be dissolved or terminated 10. ____??
and the terms of the partnership agreement modified?
at any time.
