partnerships

A detailed Summary of partnerships


A partnership is a term applied to an association of two or more persons who have agreed to combine their labour, property and skill. For the purpose of engaging in lawful business and sharing profits and losses between them.

The parties forming such an association are known as partners. The agreement to form a partnership is known as

"The deed of partnership", the most important provision of which, spells out the manner in which profits are to be distributed.

A partnership can be formed only by contract, the "Companies house" requires the agreement to be in writing if the term exceeds one year; failure to comply results in a partnership at will. Between two and twenty people can form together in a partnership. New members may be admitted into an existing partnership only with the consent of all partners. The agreement of partnership generally is


for a definite term of years; if no duration is specified, it is said to be a partnership at will.

The partnership has only been dissolved once, this was because "The partner" was not working hard enough and was not bringing in his money for the firm.



Some common words found in the essay are:
REPORT PARTNERSHIPS, Consumables Teabags, Stationery Pens, law , partnership dissolved, partnership agreement, partners , partnership business, form partnership, partners agreement, partners associates, agreement partnership, firm solicitors,

Approximate Word count = 593
Approximate Pages = 2 (250 words per page double spaced)

Category: Miscellaneous

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