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Explanation Of Partnership In Law by patrick6971(f): 2:23pm On Sep 15, 2017
Explanation of partnerships in law
A partner is defined by the partnership act, 1890, as the relationship which subsists between persons carrying on business in common with a view of profit.
The relationship between the partner maybe created orally, in writing or by conduct. Frequently , of course, a Deed of partnership is drawn up legally to define the rights and duties of the partners.
The carrying on of business does not necessary imply the buying and selling of goods; the partnership may well consist in the provision of services. The essential feature is that the business, whatever its nature, must be carried on with a view to earning profits. Hence where persons engage In business and they share profits, the law will presume that a partnership has been formed even though the persons have never mentioned their intention orally or in writing.
The following is a sumarry of the main distinctions between a partnership and a registered corporation (e.g a joint stock company) :
A) Personality. A partnership has no legal personality apart from the personalities of its members. A registered company is a legal person distinct from the personalities of its members.
B. Management. In the AdSense of contrary agreement, all partners are entitled to share in managing the firm. The members of a company have no such right : they have vested the management of the company in its directors.
C) contractual Authority. A partner is presumed in laws to have authority to enter into contracts on behalf of the firm in the ordinary course of its business. Members of a company, as such , have no such right.
D) liability. A partner, other than a limited partner, is liable for the debts of the partnership to the full extent of his private estate. A share holder member of an Click here to read full write up

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