5Overview

1. In this Act,—

2. this Part contains the purpose and overview of this Act:
3. Part 2 provides for the nature of partnership, including rules for determining whether a partnership exists:
4. subpart 1 of Part 3 provides for the relationship between partners and third persons, including—
   1. the power of partners to bind the partnership; and
   2. the liability of partners for the debts and obligations of the partnership; and
   3. the liability of the partnership for a partner’s wrongful acts or omissions; and
   4. the liability of persons who represent themselves as partners; and
   5. the liability of incoming and outgoing partners; and
   6. the rights of third persons against persons who appear to be partners:
5. subpart 2 of Part 3 provides for the relationship of partners to each other, including—
   1. the variation of rights and duties by consent; and
   2. how partnership property must be held and applied; and
   3. the interests, rights, and duties of partners in relation to partnership property; and
   4. the payment of a partner’s separate debts out of partnership property; and
   5. the right of every partner to take part in the management of the partnership business; and
   6. the duty of partners to provide accounts and full information about the partnership; and
   7. the duty of partners to account for private profits or the profits of a competing business:
6. Part 4 provides for financial reporting and the end of a partnership.

7. This section is only a guide to the general scheme and effect of this Act.