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abdul law - Discuss the rights and liabilities of the...

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Discuss the rights and liabilities of the partners and Lemon International Ltd. Mark, Sophia and Ben are partners in a small book selling business called TWB Book, as per Farrar, J. H (2008) in this case a partnership is revenue driven business relationship of two or more persons. Since the business segment is characterized extensively by state laws and on the grounds that "persons" can incorporate people, gatherings of people, organizations, and enterprises, associations are very versatile in structure and differ in multifaceted nature. Every partner shares straightforwardly in the business benefits and shares control of the business operation. The outcome of this benefit sharing is that partners are mutually and autonomously subject for the organization's obligations. Mark, Sophia and Ben are partners who decided to engage in a business without an agreement of business policy, the risk in this case is very high as there are no laws put forward to run the business, anyone can do what he wants and thus a huge risk to the business. 1 At the start of this current year, Mark went to a trade fair in Sydney. There, he met delegates from Lemon International Ltd, an organization proficient in children movies who were eager to work with TWB Book. Trusting that this would be a decent line of business to broaden into, Mark put in a request for a few movies worth $8,000.00. Mark never consulted the other partners on this business partnership with Lemon International Ltd. After the deal was done its when they knew about the order request thus ordered Lemon International Ltd to get their products back.
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