TAILIEUCHUNG - Lecture Fundamentals of business law (6/e): Chapter 19 - Margaret Barron

Chapter 19 - Partnership and joint venture law. In this chapter you should understand: the definition of the term ‘partnership’, the tests used to decide if partnership exists, how a partnership is created, the matters that should be included in a partnership agreement,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 19- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Partnership and Joint Venture Law Chapter 19 19- Partnership The carrying on of a business in common, with a view to making a profit. 19- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Definitions Carrying on a business: continuity or repetition of action to be carried on in the future. In common: acting on behalf of each other. View to a profit: distribution of profits results. 19- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Tests for Determining the Existence of a Partnership Common law rules: Intention. Agency. Sharing of profits and losses. Statutory rules: Joint ownership of property. Sharing of gross returns. Receiving a share of the profits. 19- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Creation of Partnership Can be verbal, written or by conduct. Written partnership agreement is desirable as disputes are easier to resolve. Overrides the provisions of the relevant Partnership Act. 19- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contents of a Standard Partnership Agreement Names and addresses of partners and name of firm Place or places from which business will operate Duration of partnership Capital contribution and interest of each partner Share of profits and losses Salaries paid to partners Management duties of each partner Limitations in authority of partners Details of keeping accounts Appointment of bankers Cheque signing Retirement of partners Valuing of shares for retiring/deceased .

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