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Partnership Law - Coggle Diagram
Partnership Law
Liability
Criminal Liability
Holding Out
SEC 12 - Tortious Liability
SEC 11 - Contractual Liability
Types Of Partner
Quasi (Representative)
Salaried
Active
Dormant
SEC 4 - Not Partnership
SEC 4(a) - Joint Ownership
SEC 4(b) - Sharing of gross returns
SEC 4(c) - Sharing of profits, excepts:
SEC 4(c)(i) - Payments of debt by installment
SEC 4(c)(ii) - Remunerations
SEC 4(c)(iii) - Annuity
SEC 4(c)(iv) - Payment of loans or interest out of loan
SEC 4(c)(v) - Sale of Goodwill
Illegal
Effects
3rd Party can sue
Have no rights
Exceed number of partners
Illegal purposes
SEC 7 - Partners & 3rd Party
Firm's ordinary course of business
Done by partner as a partner
Purpose of the partnership
Nature
Number
2-20 for general
2-200 for proffesisonal
Management
Partners responsible
Legal status
NOT separate entity
Capacity
Cannot be a minor
Be of sound mind
Dissolution
With Court's Intervention
SECTION 37
Guilty
Breach of partnership
Permanently Incapable
Lunatic
Loss
Just & Equitable
Without Court's Intervention
SECTION 36
Illegality
SECTION 35
Death
Bankrupt
Charge
SECTION 34
Single adventure
Notice
Fixed term
Definition
Section 3(1)
Carrying on business
In common
Person
With view of profit