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Business Entities:
Sole Proprietorship
Partnership
Definition
Main characteristics
Relations of partners to one another
Liabilities of partners
Partnership property
Dissolution of partnership
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BUSINESS ENTITIES
SOLE PROPRIETORSHIP
Characteristic of Sole
Proprietorship
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Formation of Sole
Proprietorship
There
However,
It
The
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Cont.
Advantages
Advantages
Disadvantages
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PARTNERSHIP
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Definition of Partnership
CONT.
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Disadvantages
people;
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S.4(b)
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S.4(c)
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S.4(c)
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[1962]
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Main Characteristics
Re Young [1896]
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Formation:
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LAW
REGISTRATION
LAWFUL
PURPOSE
FORMATION OF
PARTNERSHIP
AGREEMENT
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Capacity:
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CAPACITY
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Registration (cont.):
Cases to be referred:
Gulazam
Ratna
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Ratna Ammal v Tan Chow Soo [1964]:
The
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Management:
Contractual
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Numbers:
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Sect.2
Business in common
Agreement (binding)
Number of partners
The
relation
between
parties
Dissolution:
The
agreement
is for
business
purpose
duration
The business is
for purpose of
gaining profit
Net profit
Voluntarily not partnership
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TYPES OF PARTNER
Disadvantages
ACTIVE
PARTNER
Cont.
Advantages
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Relations of Partners to 1
Another
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Self Quiz
Disadvantages
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Held: The debt was a firms debt and was obtained for
the purpose of partnership. The partners who signed
the promissory note had acted for the firm and they
were authorized to do so. Therefore, the firm or the 6
partners were liable.
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Liability of Partners
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Cont.
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Contractual Liability
S.11:
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Swi (1924)
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Tortious Liability
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S.12:
Where, by any wrongful act or omission of any
partner acting in the ordinary course of the
business of the firm or with the authority of his copartners, loss or injury is caused to any
person not being a partner in the firm, or any
penalty is incurred, the firm is liable to the same
extent as the partner so acting or omitting to act.
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Section 12
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Any wrongful act or omission of
any partner acting in the
ordinary course of the business
of the firm or with the authority
of his co-partners, loss or injury
is caused to any person not
being a partner in the firm, or
any penalty is incurred, the firm
is liable
Conditions
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Ex Parte Heaton
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Criminal Liability
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2.Indemnity - S.26(b)
3. Interest on extra
capital subscribed
- S.26(c)
4.Interst on capital
subscribed - S.26(d)
RIGHTS
BETWEEN
PARTNERS
6. Remuneration S.26(f)
7. Introduction of new
partner - S.26(g)
8. Differences as to
ordinary matters S.26(h)
9. Partnership book
S.26(i)
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Cont.
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5. Management of
business - S.26(e)
S. 21 PA:
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Cont.
Cont.
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Cont.
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Cont.
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Partnership Property
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Dissolution
cont
1. By agreement:
a. Upon the expiry of specific duration (if any)
b. Mutually agreed by the partners
undertaking, or
c. by any partner giving notice to the other of
his intention to dissolve the partnership
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a. Insanity of a partner;
b. Permanent incapability of performing his
contractual obligations;
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Consequences of Dissolution
Refer cases:
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