...S.50. Personal profits earned after dissolution Subject to Contract between the partners, the provisions of clause (a) of S.16 shall apply to transactions by any surviving partner or by the representatives of a deceased partner, undertaken after the firm is dissolved on account of the death of a partner and before its affairs have been completely wound up: Provided that where any partner or his representative has bought the goodwill of the firm, nothing in this section shall affect his right to use the first name. Profits by partner after dissolution and before winding up- Where a partner, after dissolution and before the affairs of the partnership are wound up, derives any profit for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm name, he shall account for that profit and pay his share to the surviving partner or the representative of the deceased partner. But if a partner carries on another business of a similar nature, this section would not apply. For example, A and B carry on business in partnership. The firm holds leasehold for the purposes of the business. A dies. Before the affairs of the firm are completely wound up, the lease expires and B renews it. The renewed lease is partnership property. Dissolution of firm does not put an end to rights accrued during existence of partnership.- Mere execution of deed of dissolution did not discharge the parties thereto from their rights and liabilities...
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...Robertson helped change ideas of what should happen to children when they are in hospital. Previously parents were hardly even allowed to visit their sick children; now they are usually allowed to stay with their child all the time that their child is in hospital, so bond disruption is minimised. Rutter and Tizard and Hodges show that adoption is a good outcome for children, even if the adoption takes place after the child is 6 months old. These studies showed that for children that were adopted (and the earlier the better) the negative effects of privation could be reversed. Ideally adoption should happen very quickly after it becomes clear that the child cannot stay with its birth parents, and after Bowlby’s ideas were published it was common for babies to be adopted when they were only one week old. Whilst this isn’t the case any more, it is recognised that adoption is good and that more needs to be done in the UK to speed up the adoption process, which is lengthy. Studies such as The EPPE Project showed that day care is good for children if it is high quality, including factors such as low staff: child ratio, low staff turnover, good resources, and good staff training. As a result of this from 2004 free pre-school places were available to every 3 year old. Campbell showed that day care at an early age could be associated with negative social effects, such as aggression. Therefore maternity leave has recently been extended to last for 12...
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...ACT325_mod1 xxxxxxxxxx ACT 325 – Principles of Financial Accounting II October 4, 2015 ACT325_mod1 | | | | | | | | | | Date | | Account Titles and Explanation | P. R. | Debit | Credit | a. | | Other Assets - Starting balance | | | 106,000 | | | | | Sale of Other Assets | | | | 85,000 | | | | | Balance Remaining; Loss | | 21,000 | | | | | | | | | | | | | | $21,000 divided by total of all ratios 10 = $2,100 | | | | | | Sand has 1 share of the partnership | | | | | | | 2,100 x 1 = 2,100 | | | | | | | | Mell has 4 shares of the partnership | | | | | | | 2,100 x 4 = 8,400 | | | | | | | | Rand has 5 shares of the partnership | | | | | | | 2,100 x 5 = 10,500 | | | | | | | | | | | | | | | | b. | | Sand - Starting balance | | | | | 1,200 | | | | Deducting Sand's share of loss | | 2,100 | | | | | Deficit balance of capital account | | -900 | | | | | | | | | | | | | | Mell - Starting balance | | | | | 11,700 | | | | Deducting Mell's share of loss | | 8,400 | | | | | Balance of capital account | | | 3,300 | | | | | | | | | | | | | Rand - Starting balance | | | | | 15,100 | | | | Deducting Rand's share of loss | | 10,500 | | ...
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...in favor of unification, the two countries split less than five years of having political autonomy. Following their split, Slovakia and the Czech Republic took different approaches towards approaching a market-economy, yielding somewhat surprising results. This paper will analyze the viability of Czechoslovakia as an optimum currency area, recount its history in the context of economic and political differences, and then illustrate how differences in political philosophy affected their economies today. Unlike most other research this paper aims to prove that, while political differences may have been the deciding factor in dissolution, it was really economic differences between the two, originating from geographic differences and early history, that necessitated the divorce. Economic Analysis and the Optimum Currency Area When analyzing the dissolution of Czechoslovakia, and particular when searching for truth as to its cause, it’s important to note that it was in fact a two part split – first the political union and then the monetary union. The second divorce would typically imply that the split was in fact economically motivated, not politically. In order to test this fact, this paper will test Czechoslovakia’s position as an optimum currency area (OCA), which is essentially the range of territory within which one currency should/can be used. This is important because if Czechoslovakia was not an OCA, we can conclude...
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...Page 1 of 19 PARTNERSHIP It is a CONTRACT whereby two or more persons (1) bind themselves to CONTRIBUTE money, property, or industry to a COMMON FUND (2) with the intention of dividing the PROFITS among themselves or in order to EXERCISE a PROFESSION a STATUS and a FIDUCIARY RELATION subsisting between persons carrying on a business in common with a view on profit CHARACTERISTICS OF THE CONTRACT OF PARTNERSHIP [C, C, L, I, AS, NP] 1. CONSENSUAL perfected by mere consent 2. CONTRIBUTION of money, property or industry to a COMMON FUND 3. object must be a LAWFUL one 4. INTENTION of DIVIDING the PROFIT among the PARTNERS 5. “AFFECTIO SOCIETATIS” the desire to formulate an ACTIVE UNION, with people among whom there exist a mutual CONFIDENCE and TRUSTS 6. NEW PERSONALITY the object must be for profit and not merely for the common enjoyment otherwise only a co-ownership has been formed. HOWEVER, pecuniary profit need not be the only aim, it is enough that it is the principal purpose BUSINESS TRUSTS when certain persons entrust their property or money to others who will manage the same for the former RULES ON CAPACITY TO BECOME A PARTNER 1. a person capacitated to enter into contractual relations may become a partner 2. an UNEMANCIPATED MINOR CANNOT become a partner UNLESS his parent or guardian consents 3. a MARRIED WOMAN, cannot contribute conjugal funds as her contribution to the partnership UNLESS she is permitted to do so by her husband...
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...Bin No. Box No. *, y : R0 Z.; Partnership Act, 1890. Year. [53 & 54 VICT] [CH. 39.] ARRANGEMENT OF SECTIONS. Nature of Partnership. Section. Definition of partnership. 2. Rules for determining existence of partnership. 3. Postponement of rights of person lending or selling in consideration of share of profits in case of 1. insolvency. 4. Meaning of firm. Relations of Partners to persons dealing with them. 5. Power of partner to bind the firm. 6. Partners bound by acts on behalf of firm. 7. Partner using credit of firm for private purposes. 8. Effect of notice that firm will not be bound by acts of partner. 9. Liability of partners. 10. Liability of the firm for wrongs. 11. Misapplication of money or property received for or in custody of the firm. 12. Liability for wrongs joint and several. 13. Improper employment of trust-property for partnership purposes. 14. Persons liable by "holding out." 15. Admissions and representations of partners. 16. Notice to acting partner to be notice to the firm. 17. Liabilities of incoming and outgoing partners. 18. Revocation of continuing guaranty by change in firm. 19. 20. 21. 22. 23. Relations of Partners to one another. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property. Procedure against partnership property for a partner's separate judgment...
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...people to create a partnership unintentionally? A partnership also may be created when two or more parties who do not have a written agreement or even an intention to form a partnership act in such a way as to lead third parties to believe that a partnership exists. 2. How can a person overcome prima facie evidence of a partnership? By showing that the share of profits received represented wages or payments of a debt, interest on a loan, rent, or the purchase price of a business or goods. 3. Under the Uniform Partnership Act, is partnership property owned in the name of the partnership or in the names of the partners? Under the Uniform Partnership Act, any partnership property, whether real or personal, may be owned either in the names of the partners or in the name of the firm. 4. What can personal creditors of one partner do to try to collect the partners debt form the partnership? The personal creditors of one partner can ask a court to order that payments due the debtor partner from the partnership be made to the creditors. They also can force the sale of a debtor partner’s interest in the partnership. 5. How will partnership profits and losses be share if the partnership agreement does not fix the ratio? If the partnership agreement does not fix the ratio of sharing the profits and the losses, they will be shared equally, not in proportion to the contribution to the capital. 6. If no date for the dissolution of a partnership is fixed at the...
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...BUSINESS ORGANIZATIONS INTRODUCTION This unit introduces students to the most common forms of business organizations, namely sole proprietorship, partnership and limited liability companies. However, emphasis is placed here on partnership and the legal consequences which flow from the formation of such a method. The main advantages and disadvantages of these forms of business organizations are also discussed. Important Concepts in Business Organizations The following are some important concepts in business organizations: Incorporation The law permits the creation of artificial or legal persons. An example of such is an incorporated company. This means that such an organization has a legal personality separate from its members. Legal Personality Under The English Law, all human beings have a legal personality. A legal personality is made up of a person’s legal rights and duties. However, the extent of these rights and duties is dependent on whether the person is an adult or a minor. A minor has limited rights and few duties. By operation of the law, an incorporated company has a legal personality Limited/unlimited Liability As a result of an incorporated organization having its own legal personality, its members are not generally liable for the debts of the organization. This however is in contrast to a partnership which does not have a legal personality separate from the partners. Here, partners have unlimited liability for partnership’s debts. Also, a sole proprietor...
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...Week One Student Guide This week introduces you to the fundamental principles of the legal system, the importance of our Constitution, and an analysis of the court system. The readings in this area cover the concepts that define law and the thoughts that help shape jurisprudence along with its history. The Federal Court, Supreme Court, and the jurisdiction of the courts are also covered. Constitutional law is covered from the perspective of business. This week also provides an introduction to the various forms of business. Small businesses, entrepreneurs, and general partnerships are explored. You discuss how a corporation is formed and how it can be financed. Finally, you study limited liability companies and limited partnerships, as well as franchises and special forms of business. This week further introduces you to the concept of alternative dispute resolution as a method for resolving disputes outside traditional litigation. After first looking at the litigation process, you are then introduced to arbitration, negotiation, mediation, conciliation, minitrial, fact-finding, and the use of a judicial referee. The Legal System and the Legal Forms of Business OBJECTIVE: Explain the major components of the legal system. Resources: Ch. 1, 2, & 4 of Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues Content • Ch. 1: Legal Heritage and the Information Age o Introduction to Legal Heritage and the Information...
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...Definition of Partnership A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favourable tax treatment relative to corporations. http://www.investopedia.com/terms/p/partnership.asp#ixzz49Y975kkP Types of Partnership A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships. 1. General Partnership: Partners divide responsibility for management and liability as well as the shares of profit or loss according to their internal agreement. Equal shares are assumed unless there is a written agreement that states differently. A general partnership involves two or more owners carrying out a business purpose. General partners share equal rights and responsibilities in connection with management of the business, and any individual partner can bind the entire group to a legal obligation. Each individual partner assumes full responsibility for all of the business's debts and obligations. ...
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...Chapter 1 ± General Provisions Article 1767 By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a profession. (1665a). y NOMINATE There is a name given by the law Contract of Partnership: CONSENSUAL (meaning it is perfected by both parties) y PERSONS Includes not only natural persons but also JURIDICAL persons. A corporation may NOT be a partner but it may engage in JOINT VENTURES. y BIND THEMSELVES Must be capable and competent, meaning, the following may are not included: 1. Minors 2. Emancipated Minors 3. Those under civil interdiction ± accessory penalty of being convicted of crimes 4. Insane persons 5. Incompetent persons (see oblicon notes) HOWEVER, if the person is only a SUSPECT, he may still bind himself into a contract since there is no final verdict yet. y TO CONTRIBUTE MONEY, PROPERTY OR INDUSTRY Makes the contract onerous since this is MUTAL and ALL must give either one of the above Examples: 1. A and B create a partnership with a promise of contributing P10,000 each in cash. A gave his share while B gave a check worth P10,000. Is the issuance a contribution of money? No, unless the check is encashed. 2. Considering the same information above but with B contributing P10,000 in equivalent dollars. No, the contribution must be...
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...Business Associations Outline 1. Agency a. Creating the Agency Relationship i. agent and principal enter into an agreement (not required to be in writing....no K required) in which the agent acts on the principal’s behalf in entering K’s etc…. 1. if done within the scope of the agency (enter into K, etc…) anything done by the agent is binding on the principal 1. principal may be liable in K, tort, property, etc…. (Vicarious liability) ii. question of agency is a factual matter to be determined as a “matter of fact” b. Res 3d Agency 1.01 (definition of “Agency”) i. Agency relationship created when (First Question to ask when dealing with agency) 1. The principal manifests assent to have the agent act on the principal’s behalf and under the principal’s control; and 2. The agent manifests assent or otherwise consents so to act 1. When agency exists the principles of attribution bind’s the principals to agents dealings with third parties 2. manifestation need not be by words (spoken or written), it may be created by conduct/actions i. Agent rx believes that Principal has manifested assent, and has rx accepted ii. (Notes….Legal Consequences of Agency) 1. Inward Looking Consequences: relate to the relationship between the principal and the agent and are largely governed by the contracts between the parties and by the law of fiduciary duties 2. Outward Looking Consequences: relates to the relationship among the principal, the agent, and a third party and are governed...
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...Partnership Act 1892 Preamble WHEREAS it is expedient to declare and amend the law of Partnership: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: Part 1 – Preliminary 1A Name of Act This Act may be cited as the Partnership Act 1892. 1B Interpretation (1) In this Act:"business" includes trade, occupation and profession."Court" means the court having jurisdiction in the case concerned."general partner" is defined in section 49."incorporated limited partnership" is defined in section 49."limited partner" is defined in section 49."limited partnership" is defined in section 49. (2) In this Act, a reference, in relation to an incorporated limited partnership, to the partnership or the firm is a reference to the incorporated limited partnership as a separate legal entity and not to the partners in that partnership. (3) Notes included in this Act do not form part of this Act. 1C Application of laws of partnership to incorporated limited partnerships Except as provided (whether expressly or by necessary implication) by this Act or any other enactment, the law relating to partnership does not apply to or in respect of an incorporated limited partnership, the partners in an incorporated limited partnership or to the relationship between an incorporated limited partnership and...
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...Week 1 Study Guide: Legal Forms of Business and Alternative Dispute Resolution Readings and Key Terms Ch. 3 of Business Law Pleadings Discovery Settlement conference Trial Rebuttal Rejoinder Appeal Alternative dispute resolution Arbirtration clause Federal Arbitration Act E-courts and E-dispute resolution Ch. 34 Entrepreneurship Sole proprietorship General partnership Limited partnership Limited liability partnership Limited liability company Corporation Ch. 35 Limited partnerships Special partnerships General partners Limited partners Revised Uniform Limited Partnership Act (RULPA) Ch. 36 * Corporation Articles of incorporation Corporation types Common stock Preferred stock Debt securities Debt instruments Dissolution Ch. 39 Limited liability company Limited liability company dissolution Limited liability partnership * Ch. 40 Franchise Distributorship franchise Processing plant franchise Processing plant franchise Area franchise Content Overview Judicial, alternative, and e-dispute resolution Pretrial litigation process Pleadings * Party who sues files complaint * Based on complaint summons is issued * Answer is provided by person being sued * Cross-complaint can be filed by person sued in which case a reply must be sent by the original party * Discovery * Deposition is taken, which is oral testimony given prior to the trial * Interrogatories...
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...Chapter 32 Contracts of Partnership • Personal liability – if the partnership is contractually bound, each partner has joint and several, unlimited personal liability. • Joint and Several Liability- a creditor may sue the partners jointly as a group or separately as individuals. Authority to Bind Partnership- a partner who has actual authority (expresses or implied) or apparent may bind the partnership. • Actual Express Authority- authority set forth in the partnership agreement, in additional agreements among partners, or in decisions made by a majority of the partners regarding the ordinary business of the partnership. • Actual Implied Authority- authority that is reasonably deducted from the nature of the partnership, the terms of the partnership agreement, or the relations of the partners. • Apparent Authority- an act of a partner for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, so long as the person has no knowledge or notice of the lack of actual authority. Partnership by Estoppel- imposes partnership duties and liabilities on a non partner who has either represented himself or consented to be represented himself or consented to be represented as a partner. Torts and Crimes of Partnership Torts- the partnership is liable for loss or injury caused by any wrongful act or omission or other actionable conduct of any partner while acting...
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