Partnerships 0.0 / 5 ? LawBusiness EntitiesUniversityOther Created by: mellonCreated 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 1 of 10 What happens if the partnership is liable? Paid by partnership then by the partners 2 of 10 Which partner do you sue? Any, joint and several liability s9 3 of 10 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 4 of 10 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 5 of 10 What happens if a partner causes another partner loss? Firm is not liable, Mair v Wood 6 of 10 Is the firm liable if a partner causes loss to 3rd party? Can be 7 of 10 Realtions between the parties are governed by... s19-31 of the act 8 of 10 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 9 of 10 How can a partnership be dissolved? Judicial intervention, recission of agreement, expiry of term, by notice, death, bankruptcy or illegality 10 of 10
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