Partnerships

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  • Created by: mellon
  • Created on: 29-04-14 19:30
What cases are used at the beginning for the definition?
Khan - ptsp from first embarkation, Pine Energy - account, premisis etc, Sharpe - joint ownership, Clark - gross returns, Alna - profits
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What happens if the partnership is liable?
Paid by partnership then by the partners
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Which partner do you sue?
Any, joint and several liability s9
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What happens to the ptsp when a new partner joins?
s17 Heddle's Exr - if they don't bring money, no change. Thomson v Balbour - if they bring capital, it is not simply a continuation of old partnership
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What happens when a partner retires?
Welsh - didn't raise a case for 3 years and was time barred. 2 partners left in meantime? Liable? There was a continuing obligation
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What happens if a partner causes another partner loss?
Firm is not liable, Mair v Wood
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Is the firm liable if a partner causes loss to 3rd party?
Can be
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Realtions between the parties are governed by...
s19-31 of the act
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What rules govern expulsion?
Blisset. It must be used in good faith and in the best interests of the ptsp. Finnlayson v Turnbull - took all files and set up rival, clear breach
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How can a partnership be dissolved?
Judicial intervention, recission of agreement, expiry of term, by notice, death, bankruptcy or illegality
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Other cards in this set

Card 2

Front

What happens if the partnership is liable?

Back

Paid by partnership then by the partners

Card 3

Front

Which partner do you sue?

Back

Preview of the front of card 3

Card 4

Front

What happens to the ptsp when a new partner joins?

Back

Preview of the front of card 4

Card 5

Front

What happens when a partner retires?

Back

Preview of the front of card 5
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