Partnership Flashcards
1
Q
what is a partnership?
A
a partnership is seen in the partnership act 1890 section 1 (1). it is a relation between persons who both have a view to profit.
therefore this is very broad and can capture many different people. even people who do not know what a partnership even is as seen in kahn v miha
they all have an equal share in the profits and get to have a say in meetings.
2
Q
what liability is between all of the partners?
A
there is joint and several liablity to all of the partners of the firm. this is where each partner is liable for the partnerships debts .
3
Q
in a partnership who owns the assets?
A
each partner owns assets in the firm.
