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The law of partnership
Member rating: No Rating | Words: 2400 | Submitted: Tue Apr 22 2008
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COMPANY LAW (LAW 220) Assignment 1 THE LAW OF PARTNERSHIP By Elena Christoforou Student No:19902474566 The Law of Partnership Partnership is the easiest form of arrangement to carry on business. It arises when two or more persons carry on business together with a view of making profit. The rules of partnership law are separate into external rules which govern relations between the partnership and costumers dealing with it and into internal rules which govern relations between the partners themselves. Under English Law, partners are agents of each other but the partnership does not exist as a legal unit. As genuine agents the partners snare unlimited liability for all obligations incurred to other people in the course of partnership and they owe each other a duty of good faith. The main rules of partnership law are set out in the Partnership Act 1890. A partnership as it is defined in s1 (1) of the Partnership Act...
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