LAW 122 Study Guide - Midterm Guide: Legal Tests

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Clara Chapdelaine- Feliciati

Document Summary

Exists when a person carries on a business on their own. (entitled to all income, liable for all obligations) Advantage: simple & easy to setup and dissolve. Three main types: general partnership, limited liability partnership, limited partnership. Personal assets may be sized to satisfy partnership debt. Exits when 2 or more persons carry on a business together with a view to a profit (all benefits accrue directly to partners, all partners are liable for all business obligations) *as soon as a project is talked about or worked on with view to make profit, partnership exists. Unless the partners agree otherwise, the default termination rules are: ending the partnership. 1. any partner may terminate partnership on notice: termination on death or insolvency ( no money left) of partner. Individual partners are not personally liable for the professional negligence of their partners and some other obligations if certain requirements are met.