Ehm I a couple of questions.
1. Ok currently I' m doing partnership revision (learning, ok) and I understand the basic idea about it, but I really don't get the following sentences:
According to s.24(5) from the Act (Partnership act), a partner who contributes capital to the firm has a prima facie entitlement to participate in management. ( does it mean that even though he doesnt have the knowledge about the product/service that the firm offers, he still have equal rights with the other partner?)
The effect is that the introduction of a passive investor of the partnership requires the partner to outs the terms of s.24(5) of the act at cost. - i have no idea to think about this one.
And also I have a case to think about and these guys have decided to have a business together. How do I decide whether its a partnership or a company? I mean it just says "Bobs Cakes" (the business's name) - no limited liabilities, no & Co, no nothing...Im guessing that since there are two people - one having the skills and the other having the money - its a general partnership, but I haven't been given any specifics really.
Can you have a partnership and include only one of the partner's name?
I am so confused....
And how can you decide whether a firm is a company or a partnership - where u have limited information.
Any help will be appreciated
Business law - Partnership Watch
- Thread Starter
Last edited by Abara; 10-12-2010 at 03:57.
- 10-12-2010 01:09
- 11-12-2010 15:04
A company will always be called X Limited or X plc. It is possible for companies to trade under a different name to their actual name, but in exam questions this is unlikely. I think an exam question would make it clear if there was a company involved.
- Thread Starter
- 13-12-2010 04:34
Thx ! : )
I already though so too