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2006/03/06 Hung-Han Teng Business entities TuTs
1) A partnership is an agreement between parties that is greater then two people and
less then 20 members. The purpose of the agreement is to make profit. Each
partners need to contribute to the business. In this case, Joe and Mary are in a
partnership agreement based on that, Mary will allowed Joe to use the car and
Mary will entitle too the Profit that Joe made. Now if the agreement was made
that Joe need to pay Mary rent, then there is no partnership agreement.
2) If Mary purchases the machine for personal use, then Mary is obliged to pay as
that is a normal personal agreement between the parties. However, if Mary
purchase the machine for company used and then Joes is liable if there is a
consent by Joe or there is an agreement that Mary is been represented the
partnership. Generally, partnership is jointly and separately liable for the business,
and assets is divided and shared amounts the partners.
3) There are number of type of partnership that can be entering into to escape the
liability of Mary.
1) silent partners, is where the partners name will not be know the public and only
liable to the co-partners not the creditors.
2) Extra ordinary partners, is where is partners are protected against the creditors
of the partnership business and only liable to the co-partners

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2006/03/06 Hung-Han Teng Business entities TuTs 1) A partnership is an agreement between parties that is greater then two people and less then 20 members. The purpose of the agreement is to make profit. Each partners need to contribute to the business. In this case, Joe and Mary are in a partnership ...
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