Download free sample Order new solution

Partnership Law - Question 1

The partnership is a means by which two or more people come together in order to form a business with the sole purpose of eating profit. In Victoria Australia Partnership Act 19957 governs the jurisdiction of partnership.

There are major two forms of partnership- general and limited. In a general partnership, each partner has unlimited liability for the debts and other responsibilities of the business all of the partners are responsible for the management and organisation of the business. A limited partnership is one in which one or more partner's liability for the debts and other obligations of the business is very limited. There are a few advantages and disadvantages of a partnership. Advantages are- it provides a platform for all those people who have business care and financial resources in order for them to combine then to run a business, it is very cheap and has less of paperwork involved to establish a partnership, the en....