Law of Business Organisations Essay Example | Topics and Well Written Essays - 2000 words

Law of Business Organisations - Essay Example jibe to the QLD Partnership Act of 1891, there is a nature to partnership agreements that only holds partners accountable and liable for specialised constituteions that are under the terms of agreement for a contract. According to Section 3 (1-15), liability issues of the byplay become questionable. Liability can be defined by the extent to which each separate is trusty for the another(prenominal) as well as through partners who breach the trust of other partners. According to section 23A, the liability not only includes basic actions and agreements, but also property and fiscal value. Unless all property and money is acquired through business agreements, it is not a liability of the company. The rules to interest and duties of partners in section 27 also apply, which states that there is not a business agreement under the translation of a joint partnership unless each holds equal earnings within that agreement (Partnership Act 18 91, 13-26, 2009).The first-class honours degree part to this is based on the term of partnership. up to now though Jara and Alvarez are partners, Alvarez was not aware of the looting or the deal that Jara had made with the robber. chthonian the terms of partnership, there is a joint ownership. However, this doesnt hatch that Alvarez or Jara is responsible for what the other owner does or does not do in terms of the partnership. Even though Alvarez and Jara are partners, Alvarez is not responsible for the actions that are taken by one of the members. This first defense mechanism doesnt leave the company or Alvarez responsible for Jaras actions. Unless he was involved in the act or had a joint agreement with the security used, he cant be sued for his partners actions. Under section 3 (1-15), the definition of joint ownership does not include being responsible for individual actions.The second concept that applies under the partnership is based on the joint