The Economics of Partnership
The New Palgrave Dictionary of Economics and the Law (1997).
Posted: 27 Jun 1997
This paper, prepared for The New Palgrave Dictionary of Economics and the Law, discusses the partnership form of business association as a type of standard form contract. It analyzes the role of partnership statutory provisions in supplying default contract terms, the economic rationales for specific default rules on management, fiduciary duties, exit and other matters, and the relationship between partnerships and other types of business associations.
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