S.C. Code § 33-41-10
Short title
This chapter may be cited as the "Uniform Partnership Act."
South Carolina Code Title 33, Chapter 41 — Uniform Partnership Act
South Carolina · statute · S.C. Code tit. 33, ch. 41 · 61 active provisions
S.C. Code § 33-41-20
Definitions
As used in this chapter: (1) "Court" includes every court and judge having jurisdiction in the case; (2) "Business" includes every trade, occupation, or profession; (3) "Bankrupt" includes a bankrupt under the Federal Bankruptcy Act or an insolvent under any state insolvent act; (4) "Conveyance" includes every assignme…
S.C. Code § 33-41-30
What constitutes "knowledge" or "notice" of a fact
(1) A person has "knowledge" of a fact within the meaning of this chapter not only when he has actual knowledge thereof, but also when he has knowledge of such other facts as in the circumstances shows bad faith. (2) A person has "notice" of a fact within the meaning of this chapter when the person who claims the benef…
S.C. Code § 33-41-40
Rules of construction; applicable rules of law; existing rights are not affected
(1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter. (2) The law of estoppel shall apply under this chapter. (3) The law of agency shall apply under this chapter. (4) This chapter shall be so interpreted and construed as to effect its general…
S.C. Code § 33-41-50
Rules for cases not provided for
In any case not provided for in this chapter the rules of law and equity, including the law merchant, shall govern.
S.C. Code § 33-41-210
"Partnership" defined; application to limited partnerships
A "partnership" is an association of two or more persons to carry on as co-owners a business for profit and includes, for all purposes of the laws of this State, a registered limited liability partnership. However, any association formed under any other statute of this State or any statute adopted by authority, other t…
S.C. Code § 33-41-220
Determining existence of partnership
In determining whether a partnership exists, these rules shall apply: (1) Except as provided by SECTION 33-41-380 persons who are not partners as to each other are not partners as to third persons; (2) Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property or part ownership does no…
S.C. Code § 33-41-230
Partnership property; acquisition and conveyance
(1) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property. (2) Unless the contrary intention appears property acquired with partnership funds is partnership property. (3) Any estate in real property may be acq…
S.C. Code § 33-41-310
Partner's acts and agency; limitation of authority
(1) Every partner is an agent of the partnership for the purpose of its business and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership, unless the partner…
S.C. Code § 33-41-320
Conveyances of real property of partnership
(1) When title to real property is in the partnership name any partner may convey title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner's act binds the partnership under the provisions of paragraph (1) of SECTION 33-41-310 or unless suc…
S.C. Code § 33-41-330
Admission or representation by partner as evidence
An admission or representation made by any partner concerning partnership affairs within the scope of his authority as conferred by this chapter is evidence against the partnership.
S.C. Code § 33-41-340
Notice to or knowledge of partner
Notice to any partner of any matter relating to partnership affairs, the knowledge of the partner acting in the particular matter, acquired while a partner or then present to his mind, and the knowledge of any other partner who reasonably could and should have communicated it to the acting partner, operate as notice to…
S.C. Code § 33-41-350
Liability for wrongful act or omission of partner
When, by any wrongful act or omission of any partner acting in the ordinary course of the business of the partnership or with the authority of his copartners, loss or injury is cause to any person, not being a partner in the partnership, or any penalty is incurred, the partnership is liable therefor to the same extent…
S.C. Code § 33-41-360
Partnership is bound by partner's breach of trust
The partnership is bound to make good the loss: (1) When one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and (2) When the partnership in the course of its business receives money or property of a third person and the money or property so rece…
S.C. Code § 33-41-370
Nature of partners' liability
(A) Except as provided by subsection (B), all partners are liable jointly and severally for everything chargeable to the partnership. (B) Subject to subsections (C) and (D), a partner in a registered limited liability partnership is not liable directly or indirectly, including by way of indemnification, contribution, o…
S.C. Code § 33-41-380
Liability as partner by estoppel
(1) When a person, by words spoken or written or by conduct, represents himself or consents to another representing him to anyone as a partner in an existing partnership or with one or more persons not actual partners, he is liable to any such person to whom such representation has been made who has, on the faith of su…
S.C. Code § 33-41-390
Liability of incoming partner
A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property.
S.C. Code § 33-41-510
Rules determining rights and duties of partners as to partnership
The rights and duties of the partners in relation to the partnership shall be determined, subject to any agreement between them, by the following rules: (1) each partner shall be repaid his contributions, whether by way of capital or advances to the partnership property, and share equally in the profits and surplus rem…
S.C. Code § 33-41-520
Partnership books
The partnership books shall be kept, subject to any agreement between the partners, at the principal place of business of the partnership and every partner shall at all times have access to and may inspect and copy any of them.
S.C. Code § 33-41-530
Duty of partners to give information
Partners shall render on demand true and full information of all things affecting the partnership to any partner or the legal representative of any deceased partner or any partner under a legal disability.
S.C. Code § 33-41-540
Partner is accountable as a fiduciary
(1) Every partner must account to the partnership for any benefit and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or liquidation of the partnership or from any use by him of its property. (2) This section applies…
S.C. Code § 33-41-550
Right to formal accounting
Any partner shall have the right to a formal account as to partnership affairs: (1) If he is wrongfully excluded from the partnership business or possession of its property by his copartners; (2) If the right exists under the terms of any agreement; (3) As provided by SECTION 33-41-540; or (4) Whenever other circumstan…
S.C. Code § 33-41-560
Continuation of partnership beyond fixed term or particular undertaking
(1) When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will. (2) A cont…
S.C. Code § 33-41-710
Extent of property rights
The property rights of a partner are: (1) His rights in specific partnership property; (2) His interest in the partnership; and (3) His right to participate in the management of the partnership.
S.C. Code § 33-41-720
Nature of right in specific partnership property
(1) A partner is a co-owner with his partners of specific partnership property, holding as a tenant in partnership. (2) The incidents of his tenancy are such that (a) a partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific…
Page 1 of 3Next →