RIGOS BAR REVIEW SERIES UNIFORM MULTISTATE ESSAY EXAM (MEE) REVIEW CHAPTER 1 BUSINESS ASSOCIATIONS PARTNERSHIP Magic

Memory Outlines

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PARTNERSHIP INTRODUCTION A. RUPA In General B. Definition 1. Types of Partnerships 2. Co-Owner Requirement 3. No Presumption 4. Share of Profits 5. Capital and Profit PARTNERSHIP ENTITY ORGANIZATION A. Requirements 1. Statement of Partnership Authority 2. Statement of Denial 3. Fictitious Name 4. Non-waivable Provisions B. Capacity C. Formation Methods 1. Express a. Statute of Frauds b. Contributions c. Equal Capital Accounts 2. Implied a. Sharing Profits b. Other Situations 3. Estoppel PARTNERSHIP PROPERTY RIGHTS

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A. Definition 1. Entity Ownership 2. Presumptions B. Partners Ownership Interest 1. Common Law 2. Modern Conveyance C. Charging Orders IV. PARTNERSHIP RIGHTS AND RELATIONSHIPS A. Fiduciaries 1. General Standards a. Loyalty CAP (1) Competition (2) Adverse Interests (3) Partnership Benefits and Property b. Care c. Good Faith and Fair Dealing d. Partnership Transactions 2. Liability of Partner B. Profit and Loss Sharing C. Management Rule 1. Majority Rule 2. Unanimous Approval 3. Outside Ordinary Course D. Right to Books and Records E. Information F. Action by Partnership and Partners PARTNERSHIP LIABILITY TO THIRD PARTIES A. General Liability B. Agency Rules 1. Contract Liability a. Ordinary Course b. Not in Ordinary Course 2. Tort Liability C. Joint and Several Liability D. Conveyance of Partnership Property 1. Property Held in Partnerships Name 2. Property Held in Individual Partners Name

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3. Real Property Transfer VI. PARTNERSHIP DISSOCIATION A. Dissociation Events 1. Express Will 2. Expulsion a. By Partners b. Judicial 3. Insolvency 4. Death of Partner B. Wrongful Dissociation C. Dissociation Effect D. Purchase of Dissociated Interest 1. Price 2. Non-Agreement E. Dissociating Partners Ongoing Liability 1. Authority Terminates 2. Two-Year Window 3. Statement of Dissociation 4. Prior Obligations 5. Partners Name Use

VII. PARTNERSHIP DISSOLUTION AND WINDUP A. Events Causing Dissolution 1. Partnership Agreement 2. Illegality 3. Judicial Determination B. Partnership Continues After Dissolution 1. Purpose 2. Participation 3. Liability 4. Statement of Dissolution C. Liquidation Distribution Priority CPU D. Settlement and Contribution Right VIII. PARTNERSHIP CONVERSION AND MERGERS IX. LIMITED PARTNERSHIPS A. Requirements

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1. Certificate of Limited Partnership 2. Name 3. Office for Records and Registered Agent 4. General Partner 5. Foreign Limited Partnerships 6. Annual Reporting 7. Advantages Prohibited Functions 1. Management and Name 2. Approved Functions 3. Service Contributions Liability to Third Parties 1. Named in Tradename 2. Holding Out Ownership Interests 1. General Partner Changes 2. New Limited Partners 3. Partner Bankruptcy 4. Allocations 5. Fiduciary Duty 6. Derivative Action 7. Dissenter Rights 8. Other Partners Rights LP Dissolution

LIMITED LIABILITY PARTNERSHIPS A. Formation and Tradename B. Contributions and Allocations C. Professional Practices D. Partners Liability