LAW 122 Chapter Notes - Chapter 21: Search Report, Numbered Company, Canada Business Corporations Act
16 Mar 2017
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Partnerships: three main types, partnership (sometimes called general partnership , limited liability partnership (or llp, limited partnership. Partnerships & relationships: carrying on business together: not a cause, one-off transaction. Partnership legislation & partnership agreements: partnership agreement is a contract between partners regarding the operation of the partnership. Partnership characteristics: no separation between partner & partnership, partners have unlimited personal liability, ontario partnership act. Income to partnership is personal income to partners: provides default rules, which can be supplement or modified by partnership agreement, each partner can commit the partnership to obligations. Ending a partnership: mutually agree by dividing the assets, unless the partners agree otherwise, the default termination rules are, any partner may terminate partnership on notice, termination on death or insolvency of partner. Risk management: front end strategies: be careful to avoid creating the impression that you are in a partnership, get compensated for the risk that may be held to be a partner.
