Rules for partnership - partnership law, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Rules for partnership - partnership law

Define the term - authoritative government decision, Define the term - auth...

Define the term - authoritative government decision We can sum up by way of saying that the intent to implement a policy is not the same thing as a real policy. Failure to impl

Publication of list of repeat offenders, Q. Publication of list of repeat o...

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

Condition for liquidation - winding up, Condition for liquidation: The...

Condition for liquidation: The liquidation itself may render a charge over the company's assets void in any of the following circumstances: (a)     the charge was not reg

Methods of public issue, Methods of Public Issue: A company's authoris...

Methods of Public Issue: A company's authorised capital may be raised in one or the other of the following ways: a)      PLACING A 'placing' occurs if the company, inste

Statutory task force on phoenix activity, Q. Statutory task force on phoeni...

Q. Statutory task force on phoenix activity? A long term option could be the establishment of a statutory task force on phoenix activity. This could be supported by all the rel

Explain the law of the sea convention 1982, Explain the Law of the Sea Conv...

Explain the Law of the Sea Convention 1982 The Law of the Sea Convention 1982 did not create a new area of law, as laws governing the sea date back to the dawn of maritime his

What do you understand by collective bargaining, Question 1: (A) What...

Question 1: (A) What do you understand by Collective Bargaining? (B) What is collective bargaining from: (I) The economic point of view

District magistrate''s court - criminal jurisdiction, District Magistrate's...

District Magistrate's Court - Criminal Jurisdiction However Statute Law like as Miscellaneous Amendments Act 1983 amended the criminal jurisdiction of district magistrate's co

What is the theory of contracts, What is the Theory of Contracts The sp...

What is the Theory of Contracts The specialized relationship between principal and agent and between agents themselves in the policy process has been explained with the economi

Discuss intellectual property rights protect, QUESTION Many governments ...

QUESTION Many governments around the world have sought to address the problems posed by materials on the Internet that are illegal under their offline laws, and those considered

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd