Partnership law, Business Law and Ethics

Partnership Law

However section 3(1) of the Partnership Act characterize like partnership; such;

Therefore "The relation that subsists between persons carrying at a business into common about a view to profit" so.

Elements of the definition

  • It is an association of persons and one is
  • Whether there must be a "business" carried on.  However the term "business" has a wide meaning and then is not confined to commerce although covers solicitors, estate agents, accountants, etc. Like;
  • Whether the business must be carried at "in common".  Thus the partners should jointly participate in such the running of the business with a person may be like a sleeping partner.  Therefore this purpose for a partner is regarded like an agent of the other partners also.
  • However the business must be carried at "with a view to profit". Supplementary it is not necessary such a profit actually be made although the business is run about the object of making one.  Hence this provision excludes charitable organisations also.
Posted Date: 1/22/2013 5:49:11 AM | Location : United States

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