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    Thabang Khowa
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    This document summarizes key concepts related to partnerships, including: - The essential elements to form an ordinary partnership are contribution of assets, common objective, and profit motive. Exceptions include anonymous and en commandite partnerships. - Partnerships can be dissolved due to certain grounds and consequences may result. - Partners have mutual agency authority and joint and several liability. Vicarious liability also applies. - A partnership fund is formed from partner contributions and co-owners have undivided shares of the fund.

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    Original Title

    2.Partnerships

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    This document summarizes key concepts related to partnerships, including: - The essential elements to form an ordinary partnership are contribution of assets, common objective, and profit motive. Exceptions include anonymous and en commandite partnerships. - Partnerships can be dissolved due to certain grounds and consequences may result. - Partners have mutual agency authority and joint and several liability. Vicarious liability also applies. - A partnership fund is formed from partner contributions and co-owners have undivided shares of the fund.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    4 views7 pages

    2 Partnerships

    Uploaded by

    Thabang Khowa
    This document summarizes key concepts related to partnerships, including: - The essential elements to form an ordinary partnership are contribution of assets, common objective, and profit motive. Exceptions include anonymous and en commandite partnerships. - Partnerships can be dissolved due to certain grounds and consequences may result. - Partners have mutual agency authority and joint and several liability. Vicarious liability also applies. - A partnership fund is formed from partner contributions and co-owners have undivided shares of the fund.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 7

    Partnerships

    LU2
    Overview
    Creation Types
    Ordinary Extraordinary
    •Essentialia
    Contract
    •Naturalia

    •Exceptions: Anonymous
    Aggregate
    •Litigation
    theory
    •Sequestration
    En
    commandite

    Relationship Dissolution
    • Ch 15
    • Slides ❖ Grounds
    • Class notes Agents
    Mutual
    R&D ❖ Consequences
    mandate
    Miscellaneous • Moodle

    ❖ Partnership leonine Uberrimae


    fidei
    J&S
    liability
    Vicarious
    liability
    ❖ Partnership fund

    2
    Contract (5 requirements)

    ▪ Contribution
    ▪ Common stock/objective
    Essentialia ▪ Profit motive
    ▪ Partnership leonina

    ▪ Proportion in which profit is shared


    ▪ Proportion in which losses are shared
    Naturalia ▪ Power of representation
    ▪ Compensation for contribution
    ▪ Joint ownership

    3
    Partnership
    fund
    Contribution
    Co-owners
    ▪ Undivided share

    This Photo by Unknown Author is licensed under CC BY-SA

    4
    liability
    Contract

    ▪ Valid agreement

    ▪ Authorised

    ▪ In name or obo partnership

    Delict
    ▪ Elements

    ▪ Vicarious

    This Photo by Unknown Author is licensed under CC BY-ND

    5
    Principal

    Agreement
    Ex lege
    Estoppel
    Ratification

    3 rd party Juristic act


    Agent
    Business
    opportunities are
    like buses. There's
    always another
    one coming.
    quote by richard branson

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