What do you mean by Partnership Agreement
What do you mean by Partnership Agreement?
Expert
The relations of partners are essentially governed by the terms of the partnership agreement. A partnership agreement does not have to be in writing to be legally enforceable unless it extends beyond one year, and performance has not yet begun. A partnership agreement can be created orally or it can be implied from the conduct of the partners. A good partnership agreement will clearly set out the business objectives, partners' responsibilities, capital contribution, sharing of profit and losses, procedures for settling disputes (usually by arbitration), and provisions for an efficient and peaceful dissolution. Generally speaking, partners may agree to whatever terms they wish, provided the terms are not illegal and do not offend public policy. However, Ontario’s Partnerships Act sets out certain terms that will be implied if those matters are not expressly covered in the agreement.
Elucidate the term bailment?
Explain the term Liability and Joint Tort feasors?
Elucidate Burden of Proof?
Illustrate International Contracts of Sale?
Illustrate the term Appeals?
What are the key elements to frustration?
What are the main topics that cover a contract law?
Explain the number of important restrictions of Charter?
What are the Remedies for Breach of Contract?
Describe the term Privity of contract and assignment of contractual rights?
18,76,764
1944736 Asked
3,689
Active Tutors
1425029
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!