Answer Each Of The Following Questions 1 As In The Other Forms Of Business When Decisions Are To Be Taken The Majori 1 (30.32 KiB) Viewed 30 times
Answer Each Of The Following Questions 1 As In The Other Forms Of Business When Decisions Are To Be Taken The Majori 2 (28.36 KiB) Viewed 30 times
Answer each of the following questions 1. "As in the other forms of business, when decisions are to be taken, the majority of the partners must approve the decision." Discuss the accuracy of this statement. 2. Joe and Mary promote several dances at school and split the profits, Will this be enough to establish a partnership? 3. Joe sold Harry his barber shop for $100,000. He paid $20,000 in cash, the other $80,000 to be paid by Harry giving Joe 20% of the profits of the business until that amount is paid off. Unfortunately, a customer, Sam is injured by Harry who manages to cut off Sam's right ear while shaving him. Sam sues both Harry and Joe. Explain his likelihood of success. 4. Discuss the problem of liability with respect to partnership and how this difficulty can be overcome if partnership is chosen as the method of carrying on business.
5. Joe entered into partnership with two others in the establishment of a real estate sales agency. The other two Sam and Harry has considerable experience in the real estate business but no money. Joe on the other hand had his own home and several significant assets and although he did not have any experience in the real estate business his monetary contribution made him an equal partner with Sam and Harry. Unfortunately, Harry Misused some trust funds that had come into his care as a result of business, investing them in the business of one of his sons rather than in an interest -bearing account. The business of the son went sour and month was lost. The client sued Harry, Sam and Joe. Explain the legal position of Joe here. 6. Explain under what circumstances a partnership can come to an end.
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