LAW 122 Study Guide - Final Guide: Income Tax, Contract, Reasonable Time

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Andre Serero

Document Summary

Exists when a person carries on business on their own, without adopting any other form of business organization. Form of business organization that comes into existence when two or more persons carry on business together with a view to profit. Comes into existence when a person begins to conduct business on their own. Personal assets are available for all business debts. Two or more people carry on business together. With a view to profit (no formal requirements) Partner liable for all obligations even if not consented. Each partner is liable for unauthorize acts and torts of other partners that bind the firm. Ontario partnership act provides default rules that apply unless modified by agreement: admission of partners, profit division, decision- making. Rule: each partner is an agent of partnership when acting in usual course of business. Important: risk of unauthorized acts committed by a partner on all partners.