Business Law Assignment

Student’s Name
12/31/2018

Business law Assignment 1
Contents
Question 1........................................................................................................................................2
Issue.............................................................................................................................................2
Rules.............................................................................................................................................2
Application...................................................................................................................................3
Conclusion...................................................................................................................................4
Question 2........................................................................................................................................4
Issue.............................................................................................................................................4
Rules.............................................................................................................................................4
Application...................................................................................................................................5
Conclusion...................................................................................................................................6
Question 3........................................................................................................................................6
Clause 4........................................................................................................................................6
Clause 19......................................................................................................................................7
Clause 29......................................................................................................................................7
References........................................................................................................................................8

Business law Assignment 2
Question 1
Issue
Whether Daniel is a partner of in the partnership firm? If yes, whether the same is liable to make
the payment of $5,000.00, which is due in full.
Rules
Similar to any other business forms, a partnership firm is also one of them, where 2 or more
people join their hands with each other to earn bread. In a general sense, a partnership business
can be understood as a venture which consists of at least two people and all of them act for a
common purpose. Every state of Australia has different legislation, which provides the
provisions related to partnership firms. If the jurisdiction of NSW, Partnership Act 1892 (NSW)
is the partnership legislation. To check that whether a business entity is a partnership firm or not,
the existence of features of the partnership firm is required to review. Section 1 of Partnership
Act 1892 (the act) states these features. As per this section, there must be at least two partners to
develop a partnership firm. Further, these people must enter into a contract to carry out the
business activities. In addition to these features, the lead objective of this contract must be
carried out business and to earn and share the profits generated out of the same
(Legislation.nsw.gov.au, 2018).
As a company has a charter to define the rules regulation, powers, and duties of officials,
similarly in the partnership, the partnership agreement is there to regulate the internal working
environment of firms. Partners can develop this contract in either mode i.e. oral as well as
written. As a partnership agreement decides the mutual rights and responsibility of partners,