MGMT 3100 Study Guide - Final Guide: Limited Liability Partnership, Fiduciary, Oppression Remedy
23 Apr 2013
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13-04-23 7:16 pm: sharing of profits (not costs, section 3: 2 exceptions [employment benefit sharing plan/repay loan where lender receive interest varying with profits] How terminated? (a) express (written partnership agreement); or; (b) implied (oral) agreement: written partnership agreement: not necessary to show partnership exists; court looks for substance, set business objectives; provide efficient method dissolution. Registration: through: declaration of partnership (filing); objective: public notice existence; required to file amendment on retirement, required for: (a) limited partnership (b) limited liability partnership (llp, not general. Terminated: absence provision partnership agreement, terminated at will by any partner. Decide important issues in advance to prevent misunderstanding/mistrust/conflict personalities. **bill and joe agreed to form a partnership to carry on their goal of distributing food to the needy as a charitable endeavour. Apparent partner principal: retired partners free potential liabilities if steps retirement (w/o negligence): notice official provincial gazette, notice individual clients dealing with, amendment removal name in registration, ensure letterheads discarded.
