Chapter 19 - Partnership and joint venture law. At the end of 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! Partnership and joint venture law Chapter 19 Learning objectives At the end of 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 who has capacity to act as a partner the fiduciary nature of a partnership and the obligations it imposes on partners the power of partners to enter into contracts and when those contracts will bind the partnership Learning objectives (cont.) the liability of partners in contract and tort and the difference between joint liability and joint and several liability the significance of determining whether a piece of property is partnership property the ways in which a partnership can be dissolved by the action of the partners and the court the characteristics and possible functions of a limited liability partnership the advantages and disadvantages of operating a business as a partnership the definition of the term ‘joint venture’ and how to distinguish it from ‘partnership’. Introduction Partnership: The carrying on of a business in common, with a view to making a profit. 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 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 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. Contents of a standard partnership agreement Names and addresses of partners and name of firm Place or places from . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Partnership and joint venture law Chapter 19 Learning objectives At the end of 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 who has capacity to act as a partner the fiduciary nature of a partnership and the obligations it imposes on partners the power of partners to enter into contracts and when those contracts will bind the partnership Learning objectives (cont.) the liability of partners in contract and tort and the difference between joint liability and joint and several liability the significance of determining whether a piece of property is partnership property the ways in which a partnership can be dissolved by the action of the partners and the court the characteristics and possible functions of a limited liability .
