PSYC 102 Chapter : 7. BUSINESS ASSOCIATIONS.docx

• School: UBC
• Department: Psychology
• Course: PSYC 102
• Professor: David Klonsky

Document Summary

Data busines forms ltd v. macintosh cb 233. Disadvantages: unlimited liability -> personal liability & vicarious liability financing limitations lack of continuity. Existence of a partnership may be: express, partnership agreement- where partners agree either in writing or orally to carry on business as partnership, may require registration in certain provinces, implied. Tort and breach of trust responsible for torts of partners while acting within apparent authority of business of the firm firm is liable for breaches of fiduciary duty & breaches of trust committed by a partner. Express provision partnership agreement should have an express provision for what is to happen on termination, retirement or death of a partner. Implied statutory rules in absence of express agreement, partnership act sets out rules to govern termination termination of notice from partners or expiry termination on death or insolvency. Chapter 18 nature of corporation & its formation.