LAWS 3201 Lecture Notes - Lecture 3: Limited Liability Partnership, Concurrent Estate
10 Feb 2016
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Document Summary
Trade: something that involves the element of commerce and concept of specialty in terms of work force (plumber, electrician, etc. The one with the most money has the most power: view to profit intention is there to succeed (does not necessarily mean there will be success) Joint tenancy (ex. we own the building and we need to dispose of it together)/tenancy in common/common property does not create a partnership. Receipt of the share of the profits is the proof of the share of the profits. Every partner is an agent of the firm either partner can make a financial decision. Liability of partners all partners are in charge of all debts even when you die, all assets go into the firm. Liable for their conduct even though they were the ones that cheated partners are liable for the behaviour of their colleagues even if they are not aware of what"s happening. They can change anything as long as everyone agrees.
