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13/15/17. PARTNERSHIP (DISSOLUTION (WHEN DOES DISSOLUTION OCCUR?…

- - - - the relation which subsists between persons
        
        carrying on a business in common
        
        with a view of profit
    - - two or more persons share responsibility for the business and for decisions which affect the business
  - - - Examine the accounts of the business
      - Be involved in making decisions which affect the business
      - Insist on openness and honesty from fellow partners
      - Veto the introduction of a new partner
      - Share in the profits of the business
    - - Sharing any losses made by the business
- - - - requirements as to revealing the names and business address of the partners
        
        Exception:
        
        if the name of the partnership business consists simply of the names of the partners
  - - - s 1202, PA 1980
        
        on all stationery
      - s 1204, PA 1980
        
        on a notice at any place of business to which customers or suppliers have access
    - - s 1205, PA 1980
- - - - share any profit or benefit secretly connected with or derived from the partnership, the business or its property
      - share any profits gained secretly from carrying on a competing business
      - share all relevant information connected with the business and their relationship
    - - breach of his duties of
        utmost good faith
      - remitted all the sale proceeds into the accounts of the business
  - - - the firm's obligation to indemnify fellow partners against bearing more than their share of any liability or expense connected with the business
    - - the responsibility for bearing a share of any loss made by the business