Rules for partnership - partnership law, Business Law and Ethics

Rules for Partnership - Partnership Law

  • Joint tenancy, as such tenancy in common then joint property or common property and may part ownership does not of itself produce a partnership where irrespective of the tenants or owners share any profits made through them. It means that no business whether carried on.
  • The sharing of gross returns does not of itself create where a partnership, there the persons sharing like returns have or have not a joint or common right about interest in any property from that the returns are derived. However technically, "gross returns" are not profits such so.
  • However the receipt through a person of a share of the profits of a business is prima facie evidence like he is a partner in the business although the receipt of such a share so or may of a payment contingent at or varying with the profits such of a business then does not of itself make him so a partner in the business, and in particular like:

 

(i) Whether the receipt through a person of a debt or other liquidated amount through instalments, or otherwise  but out of the accruing profits of a business does not of itself make him  then a partner in the business or liable as such.  So further this is a creditor.

(ii) Whether a contract for the renumeration of a servant or agent of a person occupied in a business thorugh a share of the profits of the business does not about itself make the servant or agent a partner in such  business or liable as such.  Since the person is an employee there.

(iii) Whether a person, being the widow or may child of a deceased partner and receiving through way of annuity a portion of the profits made in such business whereas the deceased person was a partner there is not through reason only of such receipt a partner in such business or liable as such.

(iv) Whether the advance of money through way of a loan for a person engaged or about for engage in any business, so or a contract with that person such the lender shall receive a rate of interest varying regards the profits arising from carrying at the business, does not about itself make the lender a partner with the person or persons carrying out such the business or liable as such.  Further provided that the contract is in writing, and signed through or on behalf of all the parties to it.  Hence this is so because he is a creditor.(v)   Whether a person receiving by way of annuity or otherwise a portion about the profits of a business, in such consideration of the sale through him of the goodwill of the business, is not through reason only of such receipt a partner in such the business or liable as such.  Moreover this is so since is a seller of goodwill.

Posted Date: 1/22/2013 5:52:19 AM | Location : United States







Related Discussions:- Rules for partnership - partnership law, Assignment Help, Ask Question on Rules for partnership - partnership law, Get Answer, Expert's Help, Rules for partnership - partnership law Discussions

Write discussion on Rules for partnership - partnership law
Your posts are moderated
Related Questions
Fiduciary Duties: The fiduciary duties of directors arising from their fiduciary relation to the company have been the subject of consideration in an enormous body of case law

Question 1: (a) What do you meant by the term misconduct in employment law. How does the English definition of misconduct differ from the French definition of misconduct? (b

Contingent and prospective liabilities of the company: A creditor who petitions on grounds of the company's insolvency may rely on any of the following situations to show (as

Contents of the Notice: The notice convening a meeting must be clear and explicit so that the person receiving it may be in a position to decide whether or not he ought in his

ADVANTAGES: Therefore some of the advantages or strong point of delegated legislation are:as; (a)   Compensation of lost Parliamentary time Conversely parliamentarians a

Powers of the Attorney General Whereas under sec 26(3) the Attorney General is empowered for as; Undertake and Institute criminal proceedings against any person b

Legal Profession - Magistrates However the magistrate is an advocate that who is appointed through the Judicial Service Commission to the post of - The District M

Q. Publication of list of repeat offenders ? As a part of the joint education campaign option, or separate to the education campaign, a ‘naming and shaming' approach could also

Determine the agenda-setting process The "agenda" is the list of subjects or problems to which government officials, and people outside of government closely associated with t

Transfer of Immovable Property By S.54 Property Act, 1882 as Note: This Act is applicable in the US requires that a transfer of immovable property worth over as 100 rupees mus