RSM225H1 Study Guide - Final Guide: Promissory Note, Unconscionability, Novation
Document Summary
Relevance of parties agreeing whether they are partners: What parties call themselves or agree upon re: being partners (or not partners) is irrelevant to whether or not they are partners. Gpp business (e. g. theft of client funds, negligence) remain liable for those debts even after cease to be a partner. Each partner can see and copy change in gpp business. Gpp books/records admitting new partner assigning partner"s share in the gpp termination of gpp. Recipient only gets your share of profits. No right to manage or inspect gpp books. If duration of gpp is indefinite (no fixed end date), any partner can terminate gpp at any time upon notice to the other partners. Gpp terminates automatically on death, bankruptcy or insolvency of any partner. Pp act implied terms: see implied terms above (2) (3) Gpp terminates automatically if gpp business becomes illegal (or if it becomes illegal to carry on that type of business in partnership)
