Chapter 12 Flashcards
1
Q
Partnership:
A
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
2
Q
Firm and partners:
A
“Persons who have entered into partnership with one another are called individually “partners” and
collectively “a firm” and the name under which their business is carried on is called the “firm name”.
3
Q
Act of firm:
A
“An act of firm means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm.”
4
Q
Third party:
A
“Third party used in relation to form or to a partner therein means any person who is not a partner in the
firm.”
