Scribd Logo
Upload

Welcome to Scribd!

  • Partnerships

    Uploaded by

    Evan Loubser
    4 views5 pages
    The document discusses the legal nature and essential elements of a partnership. It notes that a partnership is a legal relationship between two or more people who agree to contribute assets and work toward a common business objective. Partnerships are governed by common law and legislation that limits the size of partnerships and requires larger partnerships to register as companies. The document also describes different types of partnerships and how partnerships can be dissolved upon agreement between the partners.

    Original Description:

    What is a partnership and all the factors concerning partnerships

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document discusses the legal nature and essential elements of a partnership. It notes that a partnership is a legal relationship between two or more people who agree to contribute assets and work toward a common business objective. Partnerships are governed by common law and legislation that limits the size of partnerships and requires larger partnerships to register as companies. The document also describes different types of partnerships and how partnerships can be dissolved upon agreement between the partners.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    4 views5 pages

    Partnerships

    Uploaded by

    Evan Loubser
    The document discusses the legal nature and essential elements of a partnership. It notes that a partnership is a legal relationship between two or more people who agree to contribute assets and work toward a common business objective. Partnerships are governed by common law and legislation that limits the size of partnerships and requires larger partnerships to register as companies. The document also describes different types of partnerships and how partnerships can be dissolved upon agreement between the partners.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 5

    Partnerships

    Legal nature of a partnership


    Essential elements of a partnership

     Definition:
     Legal relationship
     Contract
     Two or more
     Contribution
     Object
    Law governing partnerships

     Partnerships governed by…


     Companies Act of 1973 limited size of partnership
     Companies Act 2008
     Section 8(3)
     No association of persons formed after 31 December 1939 for the purpose of
    carrying on any business that has for its object the acquisition of gain by the
    association or its individual members is or may be a company or other form of
    body corporate unless it- (a) is registered as a company under this Act; (b) is
    formed pursuant to another law; or (c) was formed pursuant to Letters Patent or
    Royal Charter before 31 May 1962.
    Legal nature of partnerships

     Types of partnership
     Universal and particular
     Ordinary and extraordinary

     Universal and particular


     Universal = partners in everything
     Particular = partners for specific transaction or contract
    Dissolution of partnership

     Upon agreement
     May want to formalise the ending of the partnership

    You might also like