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Hi, I am looking for someone to write an article on analysis of white & co law cases concerning principles of partnership Paper must be at least 1750 words. Please, no plagiarized work!
Hi, I am looking for someone to write an article on analysis of white & co law cases concerning principles of partnership Paper must be at least 1750 words. Please, no plagiarized work! Section 28 of the Partnership Act imposes a statutory duty to account and “partners are bound to render true accounts and full information on all things affecting the partnership to any partner or his representative”.
Moreover, as demonstrated in the case of Law v Law, the effect of Section 29 of the PA is to prohibit secret profits and in the case of Pathirana v Pathirana it was asserted that “every partner must account to the firm for any benefit derived by him without the consent of the other partners from any transaction concerning the partnership property, name or business connection”.
The PA governs the liability of partners and their legal obligations and provides that each partner is equally liable for the business regardless of their share of the ownership. Section 12 of the PA states that “Every partner is liable jointly with his co-partners and also severally for everything which the firm, while he is a partner therein, becomes liable under either of the last two preceding sections”. Section 9 further states that “every partner is liable jointly with other partners…. And severally, also for all debts and obligations of the firm incurred while he is a partner”.
Accordingly, White & Co is potentially bound by the contract that Jane has entered into. Furthermore, under Section 10 of the PA where one partner commits an act which is wrong in itself, as opposed to being outside his authority, the partnership will be liable for harm caused if the act comes within the ordinary course of business.
With regard to liability towards Mike, section 5 of the PA provides that “every partner is an agent of the firm and his other partners for the purpose of the business of the partnership. and the acts of every partner who does any act for the carrying on in the usual way business of the kind carried on by the firm of which he is a member bind the firm and his partners”.