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PARTNERSHIP RIGHTS, DUTIES & LIABILITIES WK 2 - Coggle Diagram
PARTNERSHIP RIGHTS, DUTIES & LIABILITIES WK 2
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AUTHORITY TO BIND
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APPARENT AUTHORITY
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borrow money, pledge security
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EXCEPTIONS
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2 Power has been RESTRICTED, 3RD Party had NOTICE
PERSONAL LIABILITY
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LIABILITY ON DEATH
Not liable AFTER DATE OF DEATH, even if name used
PARTNERSHIP PROPERTY
= ALL PROPERTY, RIGHTS AND INTEREST originally brought or subsequently acquired
no separate legal personality, cannot own property
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DISSOLUTION
TECHNICAL
CHANGE IN MEMBERSHIP, NO WINDING UP
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GENERAL
comes to end, business wound up
1890 Act
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apply to court
unsound mind, loss making
AGREEMENT
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court dissolve
partner willfully, persistently break agreement, untenable behaviour
WOUND UP
collecting and valuing assets, offset against liabilities, distribute surplus to partners
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POST-DISSOLUTION, PROFITS
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Magher vs Magher 1961
state of deceased brother, receive proportionate share substantially increased asset value
FUTURE DEVELOPMENTS
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Limited Liability Partnership, professional service firms
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LIMITED PARTNERSHIPS
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tax-based ventures, film financing
1 GENERAL PARTNER, LIABILITY UNLIMITED + LIMITED PARTNER, CAPITAL CONTRIBUTED
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