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First Principles of Business Law

Business organisations in Australia

5. Partnerships

5.2. Questions to consider

Here is a list of all the questions dealt with in this section, using the facts of Edward's case as an example. Click on each of the questions in the list for more information.

1	What are the distinguishing characteristics of a partnership?
2	How is a general partnership created?
3	Does a partnership have a legal identity separate from that of the partners?
4	What are the sources of partnership law?
5	Are there limits on the number of partners in a general partnership?
6	Who owns the assets that the partners contribute to the firm?
7	Who is entitled to profits made in the course of business by a general partnership?
8	How are profits that are made by a partnership taxed?
9	Who is liable for legal obligations incurred by a partnership in the course of business?
10	Who manages and represents a business that is operated as a general partnership?
11	Who is liable in tort for harm caused by a partner while carrying out the firm's business?
12	Do partners owe each other duties based on notions of 'good faith'?
13	Can a partnership employ people to work for the business?
14	What happens to a general partnership if there is a change in the membership?
15	How is a partnership ended?
16	Is it possible for a partner to have limited liability?
17	How do third parties know whether they are dealing with a limited partnership?
18	Is it possible for a limited partner to lose the benefit of limited liability?

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