ISSUES:
Under Partnership Act 1981:
1. Does a partnership exists between ( insert all names)
2. Did (insert name) had express, implied or apparent authority to purchase the (insert what) from (insert company name)? ((*8*))
3. Are the partners liable for the (money$) order to (company name)? ((*12*))
4. Is (insert name) in breach of his fiduciary duty of taking the secret commissions and setting up a competitive business?((*31,33*))
5. If so, does (insert name) has to share is profit and do any remedies apply?
LAW:
Statute: Partnership Act 1981
s5 - Meaning of partnership
s8 - Power to bind Firm (Contract) which authority?
s12 - Liability of Partners (firm) for wrongs (Contract)
S13 liability of the firm for wrong
S15 liability for wrong joint and several
S20 liability of incoming and outgoing partners
S29 retiring partner
s27 - Profits and losses
s31 - Duty to render true accounts
s32 - Accountability for private profits
s33 – Duty of partner not to compete with firm
SS35-36-37-38 – Dissolution of partnership
Common law:
APPLICATION
The Partnership Act defines a partnership as “the relation which subsists between persons carrying on a business in common with a view of profit”. Partnership can arise where people enter into a joint venture in respect of a single undertaking or endeavour. In this hypothetical, (insert name) after being recruited to join the firm, even though there had been no separate agreement as to how profits or losses would be shared, is clearly in a partnership with Magic Zillions.
In Khan v Miah the courts rules that a partnership commences when the proposed partners take the first step to implement their business plan. In the hypothetical Bella has joined the firm in early January 2014 and the incident has occurred on the 5/2/2014, thus Bella was in...
CONCLUSION: