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Topic 4: Partnership - Coggle Diagram
Topic 4: Partnership
Partnership is the relation which subsists between the maximum 20 persons in carrying on the same business with the objective of making profit
Partner's Authority
Actual authority
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Implied authority: by conduct, behavior, practice, title or position
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Partnership Agreement
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s.30 Partnership Act 1961, a partner has obligation to make a full and frank disclosure all the information
Accountability for the private profits (section 31): every partner must account to the partnership for any benefit he obtains, without the consent of the other partners: any transaction concerning the partnership or form any use of the partnership property, name, or business connection
Duty not to compensate with partnership (section 32): If a partners, without the consent of the other partners, carries on any business of the same nature as the partnership or competing with the partnership, he must account for and pay over to the partnership all profits made by him in that business
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