Explain the following of the section 34 of act 152, on partnership law.
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Explain the following of the section 34 of act 152, on partnership law.
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- A well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rateWhat types of bases for dividing partnership net income or net loss are available?Discuss the rules provided by law as to how a limited partnership is created? Article 1844
- COMPANY AND PARTNERSHIP LAW QUESTION“In all partnerships, whether it is expressed in the deed or not, the partners are bound to be true and faithful to each other.” (Per Lord Eldon, Const vrs. Harris (1924) 37 Er 119).What does this statement mean in terms of section 34 of Act 152?Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.Subject: Law on Partnership and Corporations 1. What are the similarities between Corporation and Partnership.
- Briefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.Describe the purpose of the articles of partnership and list specific items that should be included in this agreement.Explain the meaning of partnership dissolution and state what effect dissolution will on the operations of the partnership business.
