Wisconsin Statutes 178.0301 – Partner agent of partnership
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Subject to the effect of a statement of partnership authority under s. 178.0303, the following rules apply:
Terms Used In Wisconsin Statutes 178.0301
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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 all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the signing of a record, in the partnership’s name, for apparently carrying on in the ordinary course the partnership’s 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.
(2) An act of a partner which is not apparently for carrying on in the ordinary course 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.