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BUSI 2601 (71)

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Carleton University
BUSI 2601
Gilles Le Vasseur

Chapter 14Partnership A group of persons putting in common assets Assets could be cash material goods intellectual property ex Source code What you put into the partnership stays in the restaurant For example what if youre a chef in a restaurant and you come up with your own recipes There has to be an intention to make profit Otherwise it becomes a nonprofit organization It involves a trade a profession occupation or business What would not be a partnership You and your spouse buying a house Youre receiving profits as a salary The profits by itself do not make a partnership You get reimbursed for the loan you have made Fourth element on a basic project we do not deduct the expenses from the revenues but everybody pays their share in a projectRelationships between partners First key thing is that every partner is an agent of other partners Lets say I have given this authority to buy 10000 computers for a given business But I also notice that there is a sale for Xbox one so I also buy 10000 of them Youre stuck with that decision Second key thing is that you will have limitation power people will not be authorized to do certain things Third one is that decisions are majority ruled but that can be increased could increase to say 60 or 70 in favor The fourth key thing is that all the partners are jointly and severally liable Partners a
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