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Chapter 24&25 lecture.docx

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Administrative Studies
ADMS 2610
Rebecca Jubis

Lecture 7 - Partnerships 10/17/2012 7:54:00 AM Course kit 105  Charts describing different forms of business structure Partnerships  Used in many contexts defined as two or more people carrying on a business with a view to making profit (section 2 of nature of partnership in the course kit)  Courts will look at the substance of the partnership  Elements of a partnership o Need at least two persons and sharing profits(2 element) o Carrying on in active business activities (does not include charity, friends starting investment clubs) (3 element) o If the four elements are met, it is not a joint venture and a partnership  Partnership will be deemed extinguished if one person dies or becomes insolvent, unless specified in the partnership agreement  You can make changes to a partnership agreement if both members consent to the changes PAGE 109 – Partnership agreement (not responsible for to know for exam)  Acting in the best interest of the partnership (fiduciary duties)  The scope of the partnership is important due to liability reasons  In general partnerships, there a contractual liabilities – when does a partner have the apparent authority to bind the partners into a contact  They can do this if its in the ordinary scope of the business and the partnership agreement does not restrict the activities o Apparent authority principle (one partner can act as an agent for the partnership)  To excuse liability – you must amend, give a actual notice to your clients, and an Ontario gazette  Breach of fiduciary duty and takes part in a tortuous act would make all partners liable LLP (Limited Liability Partnerships only for accounting firms and lawyers)  Limited liability due to the negligence of the other partners.  The firm must have a minimum professional liability funds  The sc
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