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Commercial organisations and Insolvency > Partnership > Flashcards

Flashcards in Partnership Deck (3)
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1

what is a partnership?

a partnership is seen in the partnership act 1890 section 1 (1). it is a relation between persons who both have a view to profit.

therefore this is very broad and can capture many different people. even people who do not know what a partnership even is as seen in kahn v miha
they all have an equal share in the profits and get to have a say in meetings.

2

what liability is between all of the partners?

there is joint and several liablity to all of the partners of the firm. this is where each partner is liable for the partnerships debts .

3

in a partnership who owns the assets?

each partner owns assets in the firm.