Partnerships Essay, Research Paper
A REPORT ON PARTNERSHIPS
A partnership is a term applied to an association of two or more persons who have agreed to combine their labour, property and skill. For the purpose of engaging in lawful business and sharing profits and losses between them.
The parties forming such an association are known as partners. The agreement to form a partnership is known as
The deed of partnership , the most important provision of which, spells out the manner in which profits are to be distributed.
A partnership can be formed only by contract, the Companies house requires the agreement to be in writing if the term exceeds one year; failure to comply results in a partnership at will. Between two and twenty people can form together in a partnership. New members may be admitted into an existing partnership only with the consent of all partners. The agreement of partnership generally is for a definite term of years; if no duration is specified, it is said to be a partnership at will.
By agreement of the members, a partnership may be dissolved or terminated and the terms of the partnership agreement modified at any time. Death or bankruptcy of a partner, the insanity or misconduct of a partner, and the end of the period fixed for the duration of the partnership also operates to terminate the partnership.
A partner must, exercise the highest degree of good faith in all dealings with other partners, devote time and attention to the partnership business, and must account to the other partners for any secret profits made in the conduct of the partnership business. The liability of a partner for partnership debts is said to be unlimited, except when the partner is a limited one in a limited partnership organised in accordance with the provision of a contract permitting such limitation of liability.
For my partnership to analyse, I have chosen:
“firm x” a firm of solicitors located in placex.
Within this business there are:
Two senior partners
Two junior partners
Four associate partners
There are no sleeping partners, as these are not allowed in a firm of solicitors. The partners and associates in the firm all are qualified to and do work in one of the legal departments:
Marital law
Criminal law
Family law
Trusts and equity
The partners are heads of the departments in their field of expertise. In order to ensure smooth running of the departments, they hold departmental meetings in which the members of the appropriate department are to attend, and bring up any points they may have about the running of the department.
Obviously, because the partners and associates work they receive a salary. Which is approximately double to that of a normal solicitor in the company. On top of this, at the end of the financial year, they will receive a dividend, which varies on the amount of profit the business has made throughout the year. A partner s or associates share of this profit depends on their status in the firm, for example: a senior partner would receive a larger dividend, than a junior partner would.
The status of a partner in the firm depends on the amount of money put into the business and the time spent working for the firm.
The money the partners put into the business is usually spent on:
I.T. The firm has a great number of computers, which are continually being updated.
Stationery. Pens, paper, pins etc.
Consumables. Teabags, coffee, toilet roll etc.
The partnership has only been dissolved once, this was because The partner was not working hard enough and was not bringing in his money for the firm.
Другие работы по теме:
Yahoo Essay Research Paper Yahoo rode the
Yahoo! Essay, Research Paper Yahoo! rode the bull market Thursday, primarily on the strength of a report by Lehman Brothers, which raised its recommendation on the stock to a “Buy.”
Mafia History Essay Research Paper Book Report
Mafia History Essay, Research Paper Book Report NO. 4 The Freedom Trap A letter to the author, Desmond Bagley Dear Mr. Bagley, I must tell you, that I really enjoyed readind your book. It was full of imagination, sophistication and it ended with a perfect interesting end.
Multi Strand Science Essay Research Paper NAME
Multi Strand Science Essay, Research Paper NAME: DUE DATE: YEAR 12 MULTI-STRAND SCIENCE Choose ONE of the following local industries and prepare a resource management case study for that industry.
Stuff Essay Research Paper Draft ReportCollege Prep
Stuff Essay, Research Paper Draft Report College Prep. Eng. 4-19-99 Drafting A draft or, conscription, is a system of copulsory enrollment of men and women into the armed forces. Conscripts are not the some as volanteers,
Space Report Essay Research Paper Space and
Space Report Essay, Research Paper Space and the technology to study space have improved rapidly over the years. Space travel also is a big deal in the way we get our sources for galaxies and nebulas. The Hubble Space Telescope has been the best way to get our information for everything from millions of light years away from Earth.
Guide Dogs Essay Research Paper My report
Guide Dogs Essay, Research Paper My report is going to be on guide dogs. In this I will show how the guide dogs are used in everyday life. I will show how they are trained to help the blind. I will show you about guide dogs and service dogs. I will also show you the dog breeds used for guide and service dogs. In this I will show you the importance of guide dogs to the disabled.
Reflection Rap Essay Research Paper On my
Reflection Rap Essay, Research Paper On my neck, I still got marks from the day I was born. As a shorty, I always had to get scorned. I couldn?t have been more of a prick as a thorn. A bad report card-before it reached home it got torn. I didn?t know if I should be soft or hardcore, like porn. I stomped on authority, like a mat for a door.
Alaska Essay Research Paper In this report
Alaska Essay, Research Paper In this report I will be writing about different topics of Alaska. They are: Alaskan cities, Alaskan History, and Physical makeup of Alaska.
Prophet Essay Research Paper The Prophet
Prophet Essay, Research Paper The Prophet Period 4 Patrick Coleman In the prophet it does not tell you how to live, but it tells you how life works. I do not agree with everything that is said, but as a whole I like the message the book sends. I have taken my five favorite chapters, and broken them down for this report.
Untitled Essay Research Paper A Biographical Report
Untitled Essay, Research Paper A Biographical Report on Thomas Fitzsimons Thomas Fitzsimons, or Fitzsimmons as his last name was sometimes spelled, was born during 1741 and died on August 26, 1811. Originally from Ireland,
Quality Report Essay Research Paper Main characters
Quality Report Essay, Research Paper Main characters: The main characters are Uncle Beazley the dinosaur, Nate Twitchel the owner of the dinosaur and Doctor Ziemer the scientist. The setting is in Freedom New Hampshire and it is summer there.
1984 Book Report Essay Research Paper Winston
1984 Book Report Essay, Research Paper Winston’s first act of rebellion is buying and writing in a diary. This act is known as a thought crime and is punishable by death. A thought crime is any bad thought against the government of Oceania. Winston commits many thought crimes and becomes paranoid about being caught, which he knows is inevitable (Greenblast 113).
Insurance Adjuster Essay Research Paper Insurance Adjuster
Insurance Adjuster Essay, Research Paper Insurance Adjuster My name is I am writing this report to show my interest in the career of being an insurance adjuster . In this report I am going to state why I feel I am able to do this position. I will include the skills I have and the experience I have. I will also tell about the education I will need to be successful in this career field.
Eiffel Tower Essay Research Paper My report
Eiffel Tower Essay, Research Paper My report is on the Eiffel Tower. The Eiffel was built in 1889, for the celebration of the centennial of The French Revolution. Which was in 1789. The Eiffel Tower was named for the builder, Gustave Alexandre Eiffel.u7
Soil Analysis Report Essay Research Paper Soil
Soil Analysis Report Essay, Research Paper Soil Analysis Within the next few paragraphs, I will tell you all about the soil sample I collected and did tests on. I got some soil from out of one of my mom’s gardens. This one had a lot of flowers from Florida. This is a summary of what all I did to work on finding everything about my soil.
Forms Of Organization In Business Essay Research
Paper There are three main forms of organization in business: sole proprietorships, partnerships and corporations. Now according to the text, a vast majority of businesses are sole proprietorships in this country. However, the bulk of the sales are found in corporations. With this in mind, I believe that a corporation is the way to go.
Smoking Essay Research Paper Smoking
Smoking Essay, Research Paper Smoking Studies of ex-smokers show that their risk of dying from smoking-related disease decreases with each year of non smoking. Encouraged by such evidence,
Business Ownerships Essay Research Paper Will RushIntro
Business Ownerships Essay, Research Paper Will Rush Intro. To Business Summary 2-6-01 Sole proprietorships have numerous advantages and disadvantages. They are easy to start, needing only a license and a bank account. You are your own boss, and in turn make the rules. You also keep what you make and pay taxes at a lower rate than a corporation.
Golf Essay Research Paper Golf report in
Golf Essay, Research Paper Golf report in English Golf as we know it today was orginated in Scottland in 1421. It started off by players hitting a pebble around a natural course of sand dunes, rabbit runs and tracks using a club. Historians have came to believe that Kolven from Holland and Chole from Belgium influenced the game.
Hurricanes Essay Research Paper The second part
Hurricanes Essay, Research Paper The second part of our report will be about hurricanes. A hurricane is an intense tropical low-pressure area with winds that are 120 kilometers per hour or greater. Hurricanes are also called tropical cyclone or typhoon. The most damage a hurricane does is when the storm surges hits.
Concert Report Essay Research Paper Bill Housmanconcert
Concert Report Essay, Research Paper Bill Housman concert report #5 On the night of Friday April 28th, 2000 I attended a piano recital. A good friend of my mothers named Sarah Goodman, who has been playing the piano since the age of 6 was holding a solo performance in a small concert hall in the upper east side of Manhattan.
Concert Report Essay Research Paper CONCERT REPORTOn
Concert Report Essay, Research Paper CONCERT REPORT On April 26, 2000 I attended a concert at Mesa College in room C-119. The concert started at 12:00. There I observed as the musicians set up and notice that all of
The Randle Report Essay Research Paper The
The Randle Report Essay, Research Paper The Randle Report, by Kevin D. Randle explores UFO research in the1990’s. In reading his book I have gained much knowledge of how to determine whether
Volcanoes Essay Research Paper My Report is
Volcanoes Essay, Research Paper My Report is on Volcanoes. For a starter, I have a lay out of the plan for my report. Also I would like to follow a volcano in it’s path. Right now here is part of my report.
Australian Report Essay Research Paper Essay Australian
Australian Report Essay, Research Paper Essay Australian Realm Why despite Australia?s visible advantages in natural resources, accessible ports and a huge educated population is Australia?s GNP growing at such a stunted