LAW 122 Study Guide - Midterm Guide: Investment, Professional Negligence In English Law, Fiduciary
20 Feb 2016
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Is a form of business organization that comes into existence when two or more people carry on business together with a view to a profit. No formal requirements for creating a partnership. The creation of a partnership is automatic: a partnership comes into existence in law when two or more people carry on a business together with a view to profit. This means that a person can become a part of a partnership without necessarily realizing it. A partner cannot be employed by the partnership. All benefits of the partnership business accrue directly to the partners. Income to partnership is personal income to partners: provides default rules, which can be supplemented or. Each partner can commit the partnership to obligations. modified by partnership agreement. To determine the liability of partners for income tax. Unless the partners agree otherwise, the default termination rules are: any partner may terminate partnership on notice, termination on death or insolvency for partner.
