Law of Partnership Flashcards
A partnership is defined as “the relation which subsists between persons carrying on a business with a common view to profit”
Section 3(1) Partnership Act 1961
Section 2 Partnership Act 1961
Business includes every trade, occupation or profession that the parties must agree
_________ provides “every partner is an agent for the firm and other partners for the business of partnership”.
S 7 Partnership Act 1961
S 7 Partnership Act 1961 supporting case is ____
Chan King Yue v Lee & Wong
S 11 Partnership Act 1961 supporting case
Osman b.Haji Mohamed Usop v Chang Kang Swi
Any partner who commits criminal offences shall be personally liable. Other partners shall not be liable unless there is evidence.
Chung Shin Kian & Anor v Pendakwaraya
All the partners are entitled to share equally in the capital and profits of the business and must contribute equally towards the losses
S 26 (a) Partnership Act 1961
The firm must indemnify every partner in respect of payments made and personal liabilities incurred by him
S 26 (b) Partnership Act 1961
A partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him
S 26 (d) Partnership Act 1961
Any difference arising as to ordinary matters connected with the partnership business may be decided by :
a majority of the partners
S 30 Partnership Act 1961 supporting case
Law v Law
_____________ every partner who uses partnership property, name or business connection, must be done with the consent from all parties.
S 31 Partnership Act 1961
__________ the obligation of a partner not to compete with the firm in the business of the same nature without the consent of the other partners
S 32 Partnership Act 1961
Dissolution by bankruptcy or death
S35 Partnership Act 1961
S34 Partnership Act 1961
Dissolution by expiration or notice