Partnership Act of 1890
想問問 Partnership Act of 1890 點解 ? ( 最好中文解答 )
- AcctLv 610 年前最愛解答
A partnership can arise by oral agreement, written document or conduct. The minimum membership is two and the maximum since 2002 is unlimited. Unless a partnership expressly excludes the Act it applies. Each partner is entitled to participate in management, get an equal share of profit, an indemnity in respect of liabilities assumed in the course of business and the right to not be expelled by other partners. A partnership ends on the death of a partner. A partner is jointly and severally liable for others debts, so there is no limited liability.