Piercing the Corporate Veil & ASIC Regulation
Added on 2020-03-04
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Running head: COMPANIES AND PARTNERSHIP LAWCompanies and Partnership lawName of the StudentName of the UniversityAuthor Note
1COMPANIES AND PARTNERSHIP LAWTable of ContentsQuestion 1........................................................................................................................................2Question 2........................................................................................................................................32.1....................................................................................................................................................3Legal principles...........................................................................................................................3Examples......................................................................................................................................4Evidence of research....................................................................................................................42.2....................................................................................................................................................5Legal principles...........................................................................................................................5Relevant cases..............................................................................................................................5Evidence of Research..................................................................................................................52.3....................................................................................................................................................6Legal principles...........................................................................................................................6Relevant cases..............................................................................................................................6Research Evidence.......................................................................................................................62.4....................................................................................................................................................7Reference list...................................................................................................................................8
2COMPANIES AND PARTNERSHIP LAWQuestion 1According to section 5 of the Partnership Act 1958, persons conducting business with aview to earn profits shall be deemed to be in a partnership relation with each other. However, therelation between two members of a company that is registered under any Act or is formed inaccordance to any Act or Royal charter or any patent letter, shall not be considered aspartnership within the meaning of this Act. The following conduct of the parties give rise topartnership:there must be a valid agreement between the parties intending to enter into partnershiprelation;the partners must be equally empowered to monitor the transactions of the company andparticipate in the decision-making process of the partnership firm;the partners are empowered to bind the firm;the partners are bound by the acts on behalf of the firm;the partners are jointly liable for all the obligations and the debts of the firm incurredwhile the partner continues to be then partner of the firm;the partners cannot expel any other partner unless there is an agreement between thepartners for the same;the partners provide complete information and render true accounts of the firm;the partners are accountable for making any profit without the consent of other partners;the partnership may dissolve by death or on bankruptcy; or when the partnership becomesunlawful or when the court dissolves the partnership;
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