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  • Partnership


A partnership may be suitable for certain stages of the development of a business and not in others.

There are many forms of business partnership, ranging from the informal to the more highly structured. 

A partnership can come into being in the absence of a written agreement between the partners.

The following essentials must be present for a partnership:

  1. an undertaking by each partner to bring into the partnership money, labour or skill;
  2. in order to carry on a business for the joint benefit of all the parties;
  3. with the common objective of making profit.
 
Of particular importance to partners is the fact that the liability of partners for the liabilities of the partnership is joint and several. All the partners can be held liable. 

What happens if the relationship between partners sours or if a partner is sequestrated or passes away?

You need to be alert to the implied features and obligations of partnerships and to the connection between partnerships and what may be referred to as a “joint venture".


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  • Home
  • ABOUT THE FIRM
  • FIELDS OF EXPERTISE
    • COMMERCIAL & SMALL BUSINESS LAW >
      • Companies
      • Business Agreements
      • Commercial Leases
      • Sale of Business
      • Partnership
      • Joint Venture
      • Franchising
      • Restraints of Trade
      • International Licensing Agreements
      • Project Management
      • Construction Law
      • Product Liability
      • Product Recalls
      • Competition Law
      • Debt Collection
      • Insolvency, Sequestration and Liquidation
      • Website and Domain Names
      • Trade marks
      • Inventions and Patents
    • CORPORATE LAW >
      • Company Registration
      • Company Reregistration
      • Company Secretarial Services
      • Memorandum of Incorporation
      • Shareholder's Agreements
    • PERSONAL AND FAMILY LAW >
      • Wills and Testaments
      • Estates and Estate Planning
      • Executors and Agents
      • Personal Trusts
      • Antenuptial Contracts
      • Divorce
      • Maintenance
      • Care, Contact and Guardianship
      • Sequestration and Insolvency
      • Mediation
    • CONSUMER PROTECTION >
      • Consumer Protection and the Consumer Protection Act
      • Credit Agreements and the National Credit Act
      • Cooling-off Rights
      • Product Defects
      • Defective Repairs
      • Injuries Caused by Defective Products
      • Unfair Contracts
      • Rental Agreements and Leases
      • Housing Consumers
      • ITC / Black-Listed
      • Older Persons and the Law
      • Investment Laws
      • Building Contract Disputes
  • CONTACT US