Institute of law Nirma University A Research Project On: “Comparative analysis of “limited liability partnership act 2008” with respect to “partnership act 1932” Submitted to: sub mitted by: Prof. Nizam Khan Abhijeet Dubey Asst. Prof. of Law ILNU 11BBL022 Acknowledgement I would like to thank my professor
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There are some advantages and disadvantages of owning a sole proprietorship. One advantage is that the business can be closed down at any time and any financial obligations can be paid off. Another advantage is that the business has no boss‚ partner‚ or board of directors to answer to. One disadvantage is that there are limited personal financial resources. You will have to have the credit to borrow money and if the business fails‚ creditors can come after business assets as well as personal
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Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building‚ and Fred will complete the remodeling. While inspecting the building‚ Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building‚ people from the neighborhood begin complaining about the dust from the building
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Business organisations CRICOS Provider Code 00301 What to do this week • Attend a seminar and/or listen to the iLecture recording; • Read chapter 10 (pages 291 to 323 and page 331 only) and chapter 11 (pages 337 to 341) of Understanding Business Law; and • Do the E-tutorial ‘Choosing a Business Form - Noncorporate Business Arrangements’. CRICOS Provider Code 00301J Learning outcomes After completing this topic you should be able to: • distinguish the various business organisations that are
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Does a partnership exist? Sonny Sonny is an employee and a lender instead of a partner of Rose & Mary/Busy Bee Florist Shop. The Partnership Act in each jurisdiction (e.g. NSW section 1) states that “partnership is the relation which exists between persons carrying on a business in common with a view to profit”. For the business to be carrying on in common‚ there should be an agency relationship between the partners with the persons concerned being the principals of the business. Thus Sonny being
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emphasizing our laundry care business. ARTICLE II. That the principal office of the Partnership shall be located at Km. 54 Highway‚ Brgy. Makiling‚ Calamba City‚ Laguna‚ Philippines. ARTICLE III. That the names‚ citizenship and residence of the said partners are as follows: Name Citizenship Residence Aliggayu‚ Shannon Grace Javier Filipino TanauanCity‚ Batangas Cruz‚ Regina Millicent Pagaduan Filipino San Pablo City‚ Laguna Larida‚ Maria Jessica Pulmano Filipino
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ARTICLES OF PARTNERSHIP Of IJ IMAGINATIVE IDEAS (I3) LTD. KNOW ALL MEN BY THESE PRESENTS: This limited partnership agreement is made on November 05‚ 2012 in Manila by and between Irenes Jimenez as general partner and Andy Garcia as limited partner. That we‚ all of legal age and residents of the Republic of the Philippines have agreed to amend a limited partnership under the terms and conditions herein set forth and subject to the provisions of existing laws of the Republic of the Philippines
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HUTECH & OUM MBAOUM0512 INTAKE : MAY 2012 – OCTOBER SEMESTER 2012 STUDENT NAME: CHU THI HONG TUYEN ID No.: 2448481 BMLW5103 – BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it
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When Your Partner is struggling with an Addiction When Your Partner is Struggling with an Addiction you are not alone … substance abuse affects millions of families. It is a difficult road to travel and can have severe consequences. When you think about it‚ you may find that a lot of your energy has been focused on your addicted partner – trying to rescue‚ cover up for‚ or stop him/her from destroying careers or even lives. Should you continue in this relationship‚ the strength‚ persistence‚ and
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partnership agreement known as the Articles of Co-Partnership‚ which is an agreement in writing among the partners governing the nature and terms of the partnership contract. A written agreement is required when partnership capital is P 3‚000 or more in money or in property. The Article of Co-partnership helps in avoid misunderstanding among the partners. The written agreement among the partners governs the formation‚ operation and dissolution of the partnership and is required to be registered with
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