Law for Manager

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The partnership act 1890 governs the relationship of the persons and the outside world. And in respect of dissolution; if there is no partnership agreement, the partnership act set out the rights and duties of the partners. Such rights and duties (by act or agreement) may be varies by the consent of all partners. (S 19). ‘The relation which subsists between persons carrying on a business in common with a view to profit.’ Under S24 (5) ‘in common’ means every partner has a say in the firm. The members are only liable for their subscription unless the partnership agreement says otherwise. Saywell V Rope [1979] the wives are not in the partnership as no evidence suggested. ‘Person’ includes a corporation as well as individuals. Companies can…show more content…
A person’s business suffers in the same name/similar name may bring a ‘passing off’ action and obtain an injunction stopping the defendant. ANNABEL’S (BERKELEY SQUARE) Ltd . VG. SCHOEK[1972] S.30 If any partner without the consent of the others, carries on business of the same nature as and competing with that of the firm, he must account for and pay over all profits made in that business. In the absence of any agreement to the contrary, a partner can carrying a non-competing business which does not involve the use of the firm’s property. Croft V Day [1843] Mr Day uses the same trade name as the other in the same street. Held: the injunction was granted preventing the new firm from trading under the name Day and Martin, the intention of the new firm was to deceive the public. Under S.34 it is a criminal offence for a partnership to use the word ‘limited or ‘ltd’ in its name. Partnership agreement terms: Name of partners; Date on the start and end of the partnership; How profit and loss being shared; How much may each partner draw monthly; At which bank the partner maintain its account; Principal asset; Submission of disputes to arbitration; The partnership is based on agreement and they are free to alter them. S. 19 say the decision may be made unanimously; a partnership can’t be formed for an illegal purpose. Types of partnership: 1) General partner takes active role in the daily
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