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To further confirm the partnership between Kylie and Kendall, it is known that both partners receive a profit directly from the business.
V Said []. Evidence that Justine is a partner in the firm is clear even though he did not contribute capital or retake in a division of the profits masters assignment writing by the firm. In the related common law case, Said had no capital contribution nor did he receive a share in the profit, however, like the case of J, he did receive a fixed annual retainer for his supervisory role.
The duties undertaken by Kylie in the day to day activities include cleaning and repairs to he shop, as well as keeping accounts and ordering stock from suppliers. As a result, the court held that the partnership was legally bound, in that both partners were required to pay the outstanding amount owed to the machinery company.
The correlation with J is evident in that both cases purchased goods for the use of the business. Partnerships, unless otherwise stated, are general partnerships in that all the ratters are liable slides Therefore it can be said that DEEPLY can demand the outstanding payment from and not Kylie since the item was invoiced to J not Kylie. J is liable to pay the outstanding debt as the item has already been delivered and invoiced. Although Justine had left the firm due to frustration, masters assignment writing Section 31 of the Partnership Act he is still liable for any unpaid accounts as he was still a partner to the business during the time of the purchase.
Partners in a firm are bound to render true accounts and full information of all things affecting the partnership to any partner or his or her legal representatives. This essay was written by masters assignment writing fellow student.
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