BA 3301 Lecture Notes - Lecture 37: Corporate Law, General Partnership
Document Summary
Agent"s liability in tort: when an agent is an employee of the principle; the principle will be vicariously liable for the tort of deceit. If not employee: it is an untrue representaion by agent, which can make the principle liable for the tort of deceit. Business orsanisaions: legal enity ; owners have limited personal liability and. General partnership: the relaionship with partners sits between persons carrying on no separate idenity of its own. Incorporated organisaions: members don"t have responsibility a business in common with a view to make a proit. Establishment: if there is no partnership agreement, or the agreement does not cover all the issues, then the rules set down that Commennement: a partnership begins when the partners begin their business acivity; however this can actually happen before trading begins (khan v. miah) Salaried partner: these are listed as partners on the irm"s staionary, however they gain a salary instead of a share of the proit.
