A partnership is a contract between 2 or more parties who wish to carry on a business as a partnership
Respuesta
True
False
Pregunta 2
Pregunta
Section [blank_start]1[blank_end] of the [blank_start]Partnership Act[blank_end] [blank_start]1890[blank_end] defines partnerships as "the [blank_start]relation[blank_end] which subsists between [blank_start]persons[blank_end] carrying on a business in common with a view to [blank_start]profit[blank_end]"
Respuesta
1
2
Partnership Act
1890
1980
1999
relation
relationship
persons
partners
profit
win
Partner Act
Pregunta 3
Pregunta
A written agreement is necessary to set out the agreement between the parties in a partnership
Respuesta
True
False
Pregunta 4
Pregunta
What will happen when partners fail to agree
Respuesta
Take them to court
The default provisions of the Partnership Act will apply
Pregunta 5
Pregunta
What do the default provisions state inter alia?
Respuesta
Each partner shall contribute equally to the partnership capital
Each partner should invest all of their money
Each partner will share equally the profits and losses of the partnership
Each partner is an agent of the business (and of the other partners) for contracts in the ordinary course of business
Each partner is an agent of the partnership (and of the other partners) for contracts in the ordinary course of business
Pregunta 6
Pregunta
If the partnership wishes to trade in a name other than the names of the partners, it must register the name of the partnership with the [blank_start]Register of Business names[blank_end] under the [blank_start]Business Names Act 1985[blank_end] and before the name will be registered, the [blank_start]Registrar[blank_end] requires to be satisfied that the name is not too like an already registered name and does not contain any restricted words such as [blank_start]Bank[blank_end], [blank_start]Pharmaceutical[blank_end], [blank_start]Royal[blank_end] or [blank_start]Insurance[blank_end].