MGT393H5S - Lecture3 - MGT393H5S Lecture 3 Partnership:...

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MGT393H5S Lecture 3 Partnership: business entity, relationship of two or more carrying on a business (profit), unlimited liability, partners share these liabilities together and individually. - What: do we have two or more partners on a common issue, what makes partnership, rules that identify the partnership. - How: how we identify the partnership How does it work between partners? - Partnership Agreement - How are we going to share the profit (time, formula - Deaths, Retirement, Resign. - Death Insurance - Life insurance against each other (Criss-Cross Insurance) - Name (Company Name, Goodwill, Brand name) - Google ‘Partnership Agreement’ Partnership Act - Section 24 of the Partnership Act - All the partners are obliged to share equal amounts - Interest on the beyond investments - Management, accounting records, cannot add new partners without asking others. - Supermajority: 66% (2/3) Fiduciary - Partners are fiduciary (trust relations ‘You trust me I will trust you’) - Needs consent from others in order to practice some activities. 3
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This note was uploaded on 10/17/2011 for the course MANAGEMENT mgt393 taught by Professor Schneider during the Spring '10 term at University of Toronto- Toronto.

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MGT393H5S - Lecture3 - MGT393H5S Lecture 3 Partnership:...

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