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Liability analysis - Essay Example

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30th April 2012 There are various forms of business partnership such as, a general partnership, limited partnership, limited liability partnership, Limited Liability Company and corporation (West's Encyclopedia of American Law, 4)…
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Liability analysis
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Download file to see previous pages The basis of partnership can be made legal by either the word of mouth or through a written agreement. The partnership agreement administers the partner’s relation to each other and to the partnership. The agreement Partnerships between members of the family as in this case are viewed in a different perspective by the law. If the family members are to share in the profits it will be clear that they have a partnership, however, if they are to receive some share of the profits as repayment of debts, or wages the relation is termed as protected partnership, and there will be no legal indication that a business partnership exists. If the family members are to conduct any retail business, there will be clear evidence of an existence of a general partnership. The formation of the partnership is associated with certain rights and duties among the members and with third parties (Cheeseman, 257). Therefore, under this case, each partner will have a right to share in the profits, and also contribute equally incase of a loss, unless the partnership agreement will have been otherwise stated. Additionally, each partner is allowed to take part equally in the supervision of the company partnership. Incase of a dispute, the majority vote rules. Nonetheless, under a partnership, each member is entailed to the duty of Good faith, and loyalty (West's Encyclopedia of American Law, 7). That is, each partner is required to account to the other partners for any benefit that one receives when engaged in the business partnership. Under the duty of loyalty, no partner is permitted to use the partnership property for ones own personal gains. Also, the partners are not to engage in any business that competes with the partnership. In reference to the contribution of funds as the parents’ idea of 2 million, the contributed resources towards the growth of the business, becomes owned by all members under partnership (West's Encyclopedia of American Law, 20). In addition, any other property that is to be purchased by any partner using the partnership assets automatically becomes partnership property and is held under the partnerships name as indicated by RUPA. Transfer of property is only possible under the name of the partnership and, and the partnership property cannot be sold without the consent of members of the partnership. In terms of liability, each member of the partnership is liable to the obligations of the partnership. That is, each partner is equally liable for the unlawful acts or blunder of a member-if the act is committed while the partner is acting under the authority of the other members, or on behaves of the partnership. In UPA Section 15(a) it is said that associates are jointly and severally responsible for the torts and violation of trust. (Cheeseman, 258) Under this a third party can sue one or more associates independently, “CASE 14.2 Tort Liability of General Partners Zuckerman v. Antenucci” (Cheeseman, 256). Despite the fact that a partner caught on the wrong is sued individually, the partnership agreement provides for the compensation of the partner for the fraction of damages in surplus of ones relative share of the business. Any member in the business partnership will be perceived as an agent of the partnership. That is, each member has the authority to act on behave of the business, and a members admission concerning ...Download file to see next pagesRead More
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