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Introduction to Applicable Law

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Added on  2020-05-08

Introduction to Applicable Law

   Added on 2020-05-08

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1Cover SheetName of the studentStudent IDWord count
Introduction to Applicable Law_1
2ContentsIssue............................................................................................................................................................3Applicable law.............................................................................................................................................3Application of law.......................................................................................................................................5Conclusion...................................................................................................................................................6Reference List.............................................................................................................................................8
Introduction to Applicable Law_2
3IssueWhether there exist a partnership amid Steve, Joe and Mike?Applicable lawWhen people want to operate their business then there are various kinds of business structuresthat are available. The same are sole trader ship, partnership and a company. When the businessis carried out by an individual without the involvement of any other person and he is the solecontroller of the business then it is a sole trader ship. When the business is carried out byregistering the business as per the guidelines of the revenant statutory legislation, then, acompany is formed which has the separate legal entity in the eyes of law. (KLManagement,2017)There is yet another kind of business entity that can be established by the people in order to runtheir business and is called partnership. A partnership is such kind of business structure which isframed when there are two or more than two persons (maximum number of persons to establish apartnership are twenty) who intends to carry out business in a continuous manner with a commonintention and with the sole object to earn profits and share profits. A partnership is a business which runs on the principle of agency and where the partners areconsidered to be the agents of the firm. The law of agency signifies that the partners are therepresentators of each other and the firm and vice versa. Thus, the acts of the partners are enoughto bind all the other partners and the firm, provided, the acts which are undertaken by thepartners are within their authority (The Law Teacher, 2017). In Alagappa Chettiar v ColiseumCafé [1962] it was held that a partnership firm does not have a separate legal existence like acompany and thus the acts of the partners or the firm will bind the other partners for the actswhich are carried on within the authority of the partners. (LawNotes, 2010)Thus, in order to consider any relationship into a partnership the main essential ingredients thatare required are submitted herein under:i. Number of persons – A single person cannot operate a business in the form ofpartnership. Thus, in order to establish a business structure in the form of apartnership the minimum numbers of person that are required are two and themaximum number of persons who can frame a partnership are twenty. Only two or
Introduction to Applicable Law_3

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