MGT393H5 Lecture Notes - Limited Liability Partnership, Fiduciary, Concurrent Estate
Document Summary
Note a business entity and not a legal entity. Partnership is the relation which subsists between persons carrying on a business in common with a view to profit ; (a business entity not a separate legal entity) 1990, c. p. 5, s. 2: determination of whether or not a partnership exists is critical and will impact legal consequences, historical perspective, persons who have entered into partnership are collectively called a firm [s. 5] Persons who have entered into partnership with one another are, for the purposes of this. Act, called collectively a firm, and the name under which their business is carried on is called the firm name. Elements of a partnership (some form of) agreement: express or implied - not necessary that parties intended to create a partnership; Common business for common profit: community of interest in the benefits accruing from joint activity.
