StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Definition of Partnership - Essay Example

Cite this document
Summary
The paper "The Definition of Partnership" tells us about the relationship between two or more people to do trade or business. Each person contributes money, property, labor, or skill, and shares in the profits and losses of the business…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
The Definition of Partnership
Read Text Preview

Extract of sample "The Definition of Partnership"

The definition of a partnership is a relationship that exists between a few individuals or a group of people (Sitarz, 1999). As the joining of two or more parties continues, there is the perception that there is a reduction in workload. Also, there is an increase in efficiency, and many more work-friendly related factors exhibit themselves through partnership. In the midst of all these, it is crucial that those in partnership understand certain things. For example, to be in such a relationship something must be contributed from each end. This could be in the form of skill, or capital. This paper will review such a partnership, and also why it comes off as a partnership.

In an example of a partnership, Deana and Eric come together to work on a criminal case. Deana involves Eric by making him co-counsel in the criminal case. Deana and Eric are partners in the criminal case. This is because, in all Deana is working on, there is a direct effect on Eric. Secondly, it is a partnership since Eric is receiving profits from the case equal to Deana.

Such a partnership is evident as both these individuals gain something from such an arrangement (Link, 2006). Deana is gaining in the form of Eric’s skills. This is in the form of counsel. The losses and/or damages that Deana may suffer may pass on to Eric. This is if they agree to share everything from the first time they decide to make the union official.

In conclusion, the most crucial thing is that both these individuals are aware of the existence of their relationship. If anyone should decide to back down from it before the agreement is honored, he or she is liable for punishment (Glasbergen, 2007). However, all this is dependent on the agreement reached during the formation/onset of such a relationship.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Are They Partners Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Are They Partners Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/business/1598039-are-they-partners
(Are They Partners Essay Example | Topics and Well Written Essays - 250 Words)
Are They Partners Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/business/1598039-are-they-partners.
“Are They Partners Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/business/1598039-are-they-partners.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Definition of Partnership

Procurement route-Public Private Partnerships (PPP)- Private Finance Initiative(PFI)

51) claimed, nonetheless, that the idea of partnership is “non-specific,” meaning The Definition of Partnership depends from one partnership to the other.... Figure 1: PPP Transformation from 1970s to Present Source: Buse and Walt (2000) Figure 1 above shows the shift in the definition of partnerships.... Introduction The road to popularity of Public Private partnership (PPP) stems from its ability to achieve cooperation towards development, health, and welfare of people amidst all forms of diversity and distance....
12 Pages (3000 words) Assignment

The Appellant Sued the Respondent

The paper "The Appellant Sued the Respondent" describes that any relationship according to the information contained herein has the capacity to be a partnership as long as it is within the parameters of the three statutory requirements, there exist certain limitations.... ... ... ...
14 Pages (3500 words) Essay

Customer is always right

The origin of this phrase is as a slogan coined by H.... Gordon Selfridge, 1857-1947, the founder of the Selfridge chain stores, who's also credited with " __ shopping days until Christmas.... His strategy was so successful and his business expanded so rapidly that his slogan has become an idiom. ...
16 Pages (4000 words) Essay

Goudberg Versus Herniman Associates

In the conclusion cited by Kellan, and reference to the definition of "partnership, as a relationship which subsists between persons carrying or business in common, with a view of profit.... Factual circumstances do not point to any conclusion that there was a partnership involved.... Herniman, being the respondent was not able to establish that there was really a partnership because as cited "he had never performed any architectural preparations to the proposed project"(reading,2007) Accordingly, his team was prepared to understate a certain amount of preliminary work to assist Williams and Goldberg to get the project happening....
6 Pages (1500 words) Case Study

Analysis of White & Co Law Cases Concerning Principles of Partnership

From the paper "Analysis of White & Co Law Cases Concerning Principles of partnership" it is clear that unlike sole traders, partners share the business and control, decision making and profit and losses.... 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'....
7 Pages (1750 words) Case Study

Business Organizations: Sole Proprietorships, Partnerships, and Company Limited by Shares

Frequently courts are called upon to define the boundaries and definition of a partnership, to ensure members do not escape liability for debts incurred by the firm when they were partners ... "Business Organizations: Sole Proprietorships, Partnerships, and Company Limited by Shares" paper focuses on the features and implications of choosing to operate a business under each of these business structures....
19 Pages (4750 words) Research Paper

Operating a Business in Australia

the definition of a partnership refers to a relationship between two or more individuals to make a profit.... Section 5(1) of partnership Act 1892 (NSW) asserts that a firm is not bound by contracts made by partners, if: the partner is not authorized to act on behalf of the partnership; if the contracting party is aware that the partner has no authority to act on behalf of the partnership.... In the case of two investors like Kylie and Imad, they can either operate their business as a partnership or a company limited by shares....
11 Pages (2750 words) Case Study

The Australian Taxation System

When partnership income is allocated to the partners, there are four main possibilities that stand in correspondence to the average and to the entity views of partnership and points in between.... The issue of special allocations of the partnership income is related to the question of the character of the partnership income in the hands of the partners.... This would mean in turn that in certain cases a receipt or expenditure of the partnership would be treated in different manners in the hand of the different variables that are involved in the partnership equation....
9 Pages (2250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us