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Commercial law - Assignment Sample

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Added on  2021-02-21

Commercial law - Assignment Sample

   Added on 2021-02-21

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Commercial law - Assignment Sample_1
Table of ContentsQUESTION 1...................................................................................................................................3A. Distinctness between partnership and Joint Venture..............................................................3B. Silent partner..........................................................................................................................3C. Limited Partner in context with the Operations of Business..................................................3D. Consequences of Non-registration of Partnership Firm.........................................................4QUESTION 2...................................................................................................................................4A. Advice to Shane.....................................................................................................................4B. Advise on if partnership is entitled to claim any of the profits..............................................5C. Advice to Shane......................................................................................................................5QUESTION 3...................................................................................................................................5A. Fundamentals of Contract of Agency.....................................................................................5B. Advise Shane, Billy and Tom.................................................................................................6REFERENCES................................................................................................................................7
Commercial law - Assignment Sample_2
QUESTION 1A. Distinctness between partnership and Joint VentureAccording to the Partnership act-1963, partnership is a relationship between two or morepersons, who comes together with common goals, with the intention to make and share profits.There are two types of partnership in this Act, that is, general and normal in which one need notto be get registered with OSR Fair Trading, so the partners are not bind to create a writtenagreement between them(Clarke and et.al., 2017).Joint venture is an association of persons who contribute their money, property and skillswith the motive of financial undertaking, specific or commercial trading, with an attempt tomake mutual profits out of it for each participant.As in the above case, Billy is insisting to make it as a joint venture and not partnership assuggested by his mate, but this association cannot be a joint venture as in it, people cometogether for some common strategic goals that can be long-term or short-term and also alongwith joint venture they can continue their business. But in case of Shane, tom & Bill they want tocome together to set up and combine their businesses into one and discontinue their oldbusinesses which they are doing separately and also they have not come together for any specificperiod.B. Silent partnerSilent partner is an individual who only invests capital in the business and has no role indaily operations of the business, but they can have a share in the profits and losses and canadvise the management of the company as and when they think fit. They are only bought to thecompany as they have enough of financial resources as in case of Joyce v/s Morrissey [1998]TLR 707, and not because of the knowledge and skills needed for operating the business.As Shane thinks that he would not be able to contribute effectively as the working andactive partner for the partnership, because of his personal problems of taking care of his family.Therefore, it is permissible for Shane to be a Silent partner in which his role would be limited,only to invest capital in the business and he will not be responsible for business functioning, butwill be eligible to share the profits and losses of the business (Schultz and Mitchenson, 2016).C. Limited Partner in context with the Operations of BusinessAs per The Partnership Act, 1963- Section 67, a limited partner is the one who is notresponsible for the liabilities of the Limited partnership or the general partners of the firm. 3
Commercial law - Assignment Sample_3

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