CML 1110 Lecture Notes - Lecture 18: Legal Personality, Limited Liability Partnership, Sole Proprietorship
3 Mar 2016
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Document Summary
If the owner dies, this will be the end of the business. Section 2: partnership is the relation between persons carrying on a business in common with a view of profit. Section 3: the receipt by a person of a share of the profits of a business is proof, in the absence of evidence to the contrary, that the person is a partner. But it does not make a partner if: The receipt by a person of a debt. The contract for the remuneration of an employee. Was living with a deceased partner in a conjugal relationship. Is a child of a deceased partner. The court will analyse the intention to determine if it"s a partner or not. Section 7 a person who is authorize to do an act for the firm, is binding the firms and all the partners. Available only for: lawyer, accountant (in partnership act)
