Law of Business Organisations Essay Example | Topics and Well Written Essays - 2000 words

Law of Business Organisations - Essay ExampleAccording to the QLD Partnership Act of 1891, there is a temperament to partnership agreements that only holds partners accountable and liable for specific actions that are under the footing of agreement for a contract. According to Section 3 (1-15), liability issues of the backing become questionable. Liability can be defined by the extent to which each individual is liable for the other as well as done partners who breach the trust of other partners. According to section 23A, the liability not only includes basic actions and agreements, but also property and financial value. Unless all property and money is acquired through business agreements, it is not a liability of the company. The rules to interest and duties of partners in section 27 also apply, which states that there is not a business agreement under the definition of a joint partnership unless each holds equal earnings within that agreement (Partnership Act 1891, 13-26, 20 09).The set-back part to this is found on the term of partnership. scour though Jara and Alvarez are partners, Alvarez was not aware of the robbery or the deal that Jara had made with the robber. to a lower place the terms of partnership, there is a joint ownership. However, this doesnt mean that Alvarez or Jara is responsible for what the other owner does or does not do in terms of the partnership. Even though Alvarez and Jara are partners, Alvarez is not responsible for the actions that are taken by one of the members. This first defense doesnt leave the company or Alvarez responsible for Jaras actions. Unless he was involved in the act or had a joint agreement with the security used, he cant be sued for his partners actions. Under section 3 (1-15), the definition of joint ownership does not include being responsible for individual actions.The second concept that applies under the partnership is based on the joint