Companies and Partnership Law - Assignment

Added on -2020-03-01

In this document, we will discuss the Partnership act 1963 which defines the partnership legislation in Australia. According to common business law, the basic fundament is the privacy act. A corporate veil is a legal concept where the Corporation separated from the shareholders and protects them from any company’s debts and other liabilities (Lo 2017). We will discuss the Australian Securities and Investments Commission (ASIC) in detail.

| LAWS360| 7 pages| 1914 words| 466 views

Trusted by 2+ million users,
1000+ happy students everyday

Showing pages 1 to 3 of 7 pages

Running head: COMPANIES AND PARTNERSHIP LAW Companies and Partnership LawName of the StudentName of the UniversityAuthor note
1COMPANIES AND PARTNERSHIP LAWTable of ContentsQ.1. Partnership...............................................................................................................................1Q.2. Companies...............................................................................................................................22.1................................................................................................................................................22.2................................................................................................................................................32.3................................................................................................................................................32.4................................................................................................................................................4Reference.........................................................................................................................................5
2COMPANIES AND PARTNERSHIP LAWQ.1. PartnershipThe Partnership act 1963 defines the partnership legislation in Australia. Under this actthe formation of partners has determine that more than two person can form the partnershipagreement for running any business or any other purposes for gaining the profits (Thomson et al.2014). The partnership act helps to form a relationship between the members of the company.Under the act the partners make the registration to running the business in partnership dealing(Coffee, Sale and Henderson 2015). The partners are willing to establish such repetitiveness of action for the benefits ofthe business. The partners are also shares the equal shares from the profits of the business.For every action by the partners or the partnership farms, all of the partners are liable forthe acts. The partnership exists according to some of criteria which are: There should be a formation of a valid agreement between the partners who areforming the partnership. The partners are should carry a business by a single transaction and they willwork as joint venture in the partnership business.The partners should have common features like their rights of transaction, mutualrights of monitoring the clients, control business deals and taking decisionsregarding the partnership business. They also have common interest in the agencies, obligations and their profits. The partnership business has outcomes are depends on their profits where theycan share their profits equally or according to their partnership business. There are some exceptions also. In the sectors like churches or the sporting clubthe partners are not able to share their profits equally and according to thedifferent jurisdiction their profits and activities will vary. The partners can dissolute the partnership as per the activity of the partners. Eitherthey dissolute the partnership mutually or they mutually agree to termination ofthe partners for different circumstances of the partners. The partners have the right to continue the partnership by the limited liability ofthe partnership.

Differences Between Partnership and Company :

In brief, where Earl is wanted to start a business, and where she wants to attach the business name which is Spekkie Events along with Spectacular Pty Ltd. To understand Companies and Partnership Law. Partnership According to the common business law the basic fundament is the privacy act. The partnership act helps to form a relationship between the members of the company. Under the act, the partners make the registration to running the business in partnership dealing. The partners are willing to establish such repetitiveness of action for the benefit of the business. The partners also share equal shares of the profits of the business. For every action by the partners or the partnership farms, all of the partners are liable for the acts.

Found this document preview useful?

You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss

Students who viewed this