Partnership: management.

Legislation leaves the issue of managing the partnership's affairs to the participants. Full partners may decide to manage the company's activities jointly; in this case every contract in the name of the partnership must be approved by all partners; a partnership can also be run by one or several partners. It is assumed that every partner can bind the partnership.

In relations with third parties the partnership cannot rely upon provisions of the founding contract limiting the authority of participants unless when the partnership can show that the third party at the time of making a transaction knew or obviously should have known of absence for a participant in the partnership for the right to act in the name of the partnership.

In limited partnerships limited partners may not take part in the day to day management.

 

 

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