scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 608
A REPORT ON PARTNERSHIPS A partnership is a term applied to an association of two or more persons who have agreed to combine their labour property and skill For the purpose of engaging in lawful business and sharing profits and losses between them The parties forming such an association are known as partners The agreement to form a partnership is known as The deed of partnership the most important provision of which spells out the manner in which profits are to be distributed A partnership can be formed only by contract the Companies house requires the agreement to be in writing if the term exceeds one year failure to comply results in a partnership at will Between two and twenty people can form together in a partnership New members may be admitted into an existing partnership only with the consent of all partners The agreement of partnership generally is for a definite term of years if no duration is specified it is said to be a partnership at will By agreement of the members a partnership may be dissolved or terminated and the terms of the partnership agreement modified at any time Death or bankruptcy of a partner the insanity or misconduct of a partner and the end of the period fixed for the duration of the partnership also operates to terminate the partnership A partner must exercise the highest degree of good faith in all dealings with other partners devote time and attention to the partnership business and must account to the other partners for any secret profits made in the conduct of the partnership business The liability of a partner for partnership debts is said to be unlimited except when the partner is a limited one in a limited partnership organised in accordance with the provision of a contract permitting such limitation of liability For my partnership to analyse I have chosen firm x a
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA