(PDF) Theory of Problem Solving

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Problem Solving
Table of ContentsINTRODUCTION...........................................................................................................................2Main body.......................................................................................................................................3CONCLUSION...............................................................................................................................7REFERENCES................................................................................................................................7.........................................................................................................................................................8INTRODUCTIONAustralian constitution and other legal entity bodies have provided several laws andregulations to protect and secure citizens. Their are many laws and regulations which guidebusiness organisation to correct path of generating rewards but through proper legal procedure.
The following problem solving assignment briefly explain many acts with help of case lawssolve case law to give a detail information of procedures and powers which help in suchsituations(Harris, Hargovan and Adams, 2013).Main bodyTo,Partners at limited liability firm ,XYZDATE: / /2019Subject: to inform for the accounting details.Sir,This letter is regarding to information of all the fact and figures of the company and thecurrent situation which includes several aspects that the company should be known of andregulate the company accordingly.According to section 13 of partnership act 1963 a ordinarypartnership is bound by the following:Ordinary partnership:All partners are liable for each others decisions.(Duncan and Christensen 2017)A dead partner liability is divided among others and administered by being obligated forit.Till the moment partner is in firm, he/she is liable for that period of time only, and apartfrom that all debts, which occurs are being paid by other partners as their liabilityLimited liability partnership:Each partner is liable for other debts and obligations in limited partnership, even afterpartners death liability id divided among them.In LLP, partners are liable for debts to the extend where, cannot full-fill debts of otherpartner and provisions mentioned in agreement.(Forsyth, 2016)Liabilities in partnership act for general and limited liability partnership can be compared onthree prime basisLiability periodOrdinary partnership: In this type partners are equally liable of all liabilities in firm, one personis not bearing all of them, but only till the partner is alive or a member after that no obligationtowards debts or liabilities.Rule 1 – s.6(1) of partnership act 1963 explains this partnership by
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