BBA 302: Business Law II Notes

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Summary

LECTURE ONE
PARTNERSHIPS
In this lecture we are going to discuss nature of partnership, relations of partners inter se, relations of partners to third parties, types and partners, reconstitution of a firm and dissolution of a firm.Objectives

By the end of this lecture, the learner should be able to:-
• Understand the nature, characteristics and scope of partnership.
• Understand the relationship of partners to partners, partners to partnership and partners to third parties.
• Know the types of partners and how they relate to the firm, other partners and third parties.
• Understand how partnership firm and partnership is dissolved.
- Any book in Business Law

LESSON 1
Definition:
According to Kent
Partnership is a contract of two or more competent persons to place their money, labour and skill to divide the profits and bear the loss in certain proportions.
According to Sir Fredrick Pollock
Partnership is the relation which subsist between persons who have agreed to share the profits or liabilities of a business carried on by all or any of them on behalf of all.
Sec.3 Partnership Act
Partnership is “the relation which subsits between persons carrying on a business in common with a view to profit”.
To prove existence of partnership the following three factors must be established:
(i) A business existence
(ii) Carrying on business in common with a view of making and slowing profit. Thus, corporations of whatever kind are excluded. It means any company or association registered under companies Act Cap 486 or any other Act of Parliament are not considered as partnership ( Sec. 3(2)).
(iii) Intention of partners
Sec. 2 of the Act defines business as “every trade, occupation or profession”
Business- there must be a commercial or professional enterprise where goods are sold or services rendered. Mere joint ownership of goods or property is not enough to constitute the owners into partners- its immaterial whether or not they share profits.
carrying on business in common means that it must be carried on by or on behalf of all those involved in the undertaking.
Profit motive:- Sharing of profits is prime facie evidence of partnership, something more than this must be proved in order to establish the existence of a partnership. I.e a person receiving payment out of profits of a business, whether as a gift or legacy, or in return for services rendered e.g. interest on a loan, debt repayment etc cannot be said to be a partner. (Section 4)
Essential Features of Partnership
(i) It comes into existence as a result of agreement
(ii) It is entered into between persons
(iii) It is a business, the profits of which are shared
(iv) It is entered into to share profits
(v) It is carried on by all or any of them action for all
Agreements:- these must be a voluntary contractual nature of partnership. The relationship arises from the contract and not from status. The agreement may not be formal or written. It may be even oral or even implied.But essentially agreements should be in writing.

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