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Partnership - Rules of Management

This document outlines 6 different rules for the management of partnerships based on the appointment of partners or managers. 1) If a single partner is appointed in the articles of partnership, they can be revoked only with lawful cause and can execute all duties but actions can be opposed. 2) If multiple managers are appointed with specified duties, they can perform only those specified duties and actions can be opposed. 3) If multiple managers are appointed without specified duties, they can execute all duties but actions can be opposed.

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357 views3 pages

Partnership - Rules of Management

This document outlines 6 different rules for the management of partnerships based on the appointment of partners or managers. 1) If a single partner is appointed in the articles of partnership, they can be revoked only with lawful cause and can execute all duties but actions can be opposed. 2) If multiple managers are appointed with specified duties, they can perform only those specified duties and actions can be opposed. 3) If multiple managers are appointed without specified duties, they can execute all duties but actions can be opposed.

Uploaded by

nir noel aquino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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PARTNERSHIP

RULES OF MANAGEMENT

No. Appointment
1 1 Partner Appointed in the Articles of Partnership
2 Partner Appointed after the Partnership was constituted/Formed
3 2 or more appointed managers WITH specification of duties
4 2 or more appointed managers NO specification of duties

5 2 or mor appointed managers WITH stipulation that none shall act without consent of the others

6 No appointment made (All partners are considered agents, hence ALL are managers)
Scope of Authority Revocation
1. Lawful Case
Cant be opposed, unless acted in bad Faith
2. Without Lawful Case
Execute all but can be opposed With or without lawful case
Perform only specific duties
N/A
Execute all but can be opposed

Execute WITH the consent of ALL


N/A
**Can act alone if partnership is in
imminent danger

Execute all, and binding N/A


Vote Requirement
Vote with Controlling Interest
Consent of ALL the partners
Vote with Controlling Interest
N/A
Majority of all the Managing partners
If tie, vote of Controlling Interest

N/A

Majority of all the Managing partners


If tie, vote of Controlling Interest

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