Partnerships - unincorporated associations, Business Law and Ethics

Partnerships - Unincorporated Associations

Conversely Partnership is defined through S.3 (1) of the Partnership Act as "the relation that subsists between persons carrying at a business in common with a view of profit".  Conversely it should be noted such this is a definition of the relationship would exists between the individual persons that who are trading as partners rather than a definition of or justifying the apparent entity called a "partnership".  Therefore a partnership is not a body corporate it means, has no legal personality and does not exist like a as a legal entity. Therefore it cannot continue a business.  But S.6 of the Act states such persons who have entered into partnership with one another that are called collectively a firm, thus the name under that their business is carried on is identify the firm name.

Posted Date: 1/22/2013 12:54:01 AM | Location : United States

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