TABL1710 Lecture Notes - Lecture 8: Sole Proprietorship, Franchising, Trading While Insolvent
22 Oct 2018
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Sole trader: a person is a sole trader if they directly own and operate the business by themselves, a sole trader: May engage employees but they are the sole owner of the business, Has sole responsibility for raising the funds to start the business, Has sole control over the operation of the business, and. Partnership agreement: the relationship between partners is a contractual one. The terms of the contract are set out in the partnership agreement which may be: Partly in writing and partly oral, or. Wholly or partly implied form the conduct of the partners: a written partnership agreement is not essential to the existence of a partnership, but it is nevertheless a very good idea to have one. P (cid:449)as (cid:374)ot a(cid:272)tually authorised to u(cid:374)dertake that a(cid:272)tio(cid:374) o(cid:374) the other part(cid:374)ers" behalf, and. The person with whom p was dealing either knew that p was not authorised or did not know that p was a partner.
