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LAW 6000 – Business and Corporate Law

Added on - 21 Apr 2020

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Running head: BUSINESS LAWBusiness lawName of the StudentName of the UniversityAuthor Note
1BUSINESS LAWKey features of Partnership as compared to joint venturePartnershipRisks and rewardsIn a partnership the risk and rewards of the business is shared by all individualsShare of profitsIn a partnership every partner has the right to share profit and losses equally if the contrary is notmentioned in the partnership agreement. The sharing may also depend upon the investment madeby the partners.Unlimited LiabilityThe partners in a partnership business are severally and jointly responsible for all the obligationsand debts of the business to an unlimited extent. This includes damages and loss from wrongfulomissions or acts of the other partners and the potential liabilities towards any third party.Decision MakingAll partners have the right to make decisions in relation to the business which they own unlessthey are not dormant partners.Ownership sharing
2BUSINESS LAWThe ownership of the assets of the business is shared by all the partners of the business. Howeverthere may be an agreement that the business may utilize the assets which solely belongs to one ofthe partners.FlexibilityThe structure of partnership is flexible and provides freedom in relation to how the businessshould be financed and managed as in case of a sole proprietorship.Privacy the constitutional and financial matters of a partnership are totally private andconfidential. Any disclosure in relation to such matters are undertaken as per the interest of thepartnersTaxationThe partnership business does not have any separate business identity and therefore it does nothave to pay any tax. The partners are liable to pay all the tax in relation to the business as theyand the business are the same.TenureA partnership is not dine for the purpose of one or two projects but it is initiated for long termbusinessEndA partnership comes to an end by the death of its partners
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