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PARTNERSHIP - Coggle Diagram
PARTNERSHIP
TYPES OF PARTNERS
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QUASI-PARTNER
:check:not a partner
:check:is liable for debts as a consequence of "holding out'' which causes people to believe that he is a partner
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RELATIONSHIP BETWEEN PARTNERS & THIRD PARTIES
:<3:General rule
Every partners are AGENTS of the partnership when he CARRIED OUT THE FIRM'S BUSINESS
AUTHORITY
1. ACTUAL
S.8
:checkered_flag:partners are bound by the acts on made on behalf of the firm
:checkered_flag:any act or instrument (eg logo) relating to the business of the form which are done in firm's name will bind upon the firm & partners
S. 9
: :checkered_flag:firm is not bound when 1 partner pledges the credit of the firm for purpose not connected with firm's ordinary course of business
: :!:UNLESS
he is SPECIALLY AUTHORIZED
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DISSOLUTION
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2. BY OPERATION OF LAW
S.34(1)(b)
: :explode:partnership for single adventure, undertaking the adventure of undertaking has terminated
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