Idaho Code 30-23-301 – Partner Agent of Partnership
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Subject to the effect of a statement of partnership authority under section 30-23-303, Idaho Code, the following rules apply:
(1) Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the signing of an instrument in the partnership name, for apparently carrying on in the ordinary course of the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner did not have authority to act for the partnership in the particular matter and the person with which the partner was dealing knew, or had notice, that the partner lacked authority.
Terms Used In Idaho Code 30-23-301
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114
(2) An act of a partner that is not apparently for carrying on in the ordinary course of the partnership’s business or business of the kind carried on by the partnership binds the partnership only if the act was actually authorized by all the other partners.