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A business partnership is an entity in which two or more individuals share the ownership of the business. The document which specifies the obligations and rights of each partner is called
A. A partnership deed
B. A contract
C. An article of association
D. A memorandum of association
E. A tort
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i. Partnership is a form of business association that requires pooling of resources together.
Required:
State SIX clauses that should be included in a Partnership Deed. (7 Marks)
ii. Ade, Uzo and Yemoh formed a partnership to carry on trade in palm produce. The other partners mandated Yemoh to be in full control in the running of the partnership. The partnership suffered losses and incurred debts of ₦3,000,000. Ade and Uzo are refusing to pay part of the debts, saying they were not involved in the management of the firm. Yemoh has come to you for advice.
Required:
Advise Yemoh on the legal action, if any, he could take to recover contribution from Ade and Uzo. (6 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
A business partnership is an entity in which two or more individuals share the ownership of the business. The document which specifies the obligations and rights of each partner is called
A. A partnership deed
B. A contract
C. An article of association
D. A memorandum of association
E. A tort
Find Related Questions by Tags, levels, etc.
i. Partnership is a form of business association that requires pooling of resources together.
Required:
State SIX clauses that should be included in a Partnership Deed. (7 Marks)
ii. Ade, Uzo and Yemoh formed a partnership to carry on trade in palm produce. The other partners mandated Yemoh to be in full control in the running of the partnership. The partnership suffered losses and incurred debts of ₦3,000,000. Ade and Uzo are refusing to pay part of the debts, saying they were not involved in the management of the firm. Yemoh has come to you for advice.
Required:
Advise Yemoh on the legal action, if any, he could take to recover contribution from Ade and Uzo. (6 Marks)
Find Related Questions by Tags, levels, etc.
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