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    Business Law

    CORPORATION LAW

    Rating:
    CORPORATION LAW


     

    Issue

    There are two parties which are mutually arranging a theatre performance. They have decided a ratio mutually according to which they both will look after the working of the theatre and they will distribute the expenses accordingly. The foremost requirement of the partnership agreement is that they should have a written agreement on which all the rules and regulations have been mentioned according to which the further activities are carried. The parties need to follow the rules and instructions according to the partnership agreement to get into a partnership and they carry on the business[1]. They have come together for a certain purpose and this will be discussed further. The liabilities will be also be shared as per mentioned in the documents or the agreement. Partnership is a type of business structure which is selected by the parties to continue the business activities.

    Regulation

    This case will be discussed under the partnership act of Australia and all the rules and regulations will be imposed accordingly. The organisation will have to look for the clauses through which they can get into certain partnership through which they are able get the estimated benefits and control in the business. The liabilities will be also be shared as per mentioned in the documents or the agreement. They have set a ratio of 60:40 according to which they will be sharing their expenses and they have even distributed their duties and task as per their ratio. Everything is sorted and no issue is rising. The major question which is mentioned is whether there is a partnership deed amongst there two parties? So all the points through which partnership is proven will be mentioned and discussed.

     Partnership is a type of business structure which is selected by the parties to continue the business activities. Any party can anytime chose the business structure or they can anytime change the business structure according to the terms and conditions[2]. This is formed when two parties or individual gets in to a business activity or venture. So all the points through which partnership is proven will be mentioned and discussed. The parties need to follow the rules and instructions according to the partnership agreement to get into a partnership and they carry on the business. There no such clause is written that whether this is a written contract or an oral one.

    Application

    There are certain conditions according to which the partnership is decided. Partnership can be dissolved anytime according to terms and conditions of the law. The Australian law has certain terms and conditions according to which the partnership agreement is continued and all the rules and regulations are been imposed through this act[3]. The various terms and conditions through which this can be justified as a partnership or not a partnership will be discussed below.

    Few conditions to check whether the stated case is of partnership or not are:

    ·       Agreement

    Yes there is an agreement between two parties according to which they are able to distribute the profit and the tasks. The ratio has been discussed mutually and that ratio is 60:40. This ratio is discussed mutual agreement and no information about oral or written agreement is given.

    ·       Consideration

    The consideration is discussed in the contract and the consideration is that the amount will be divided into 60:40 and all the activities are prior decided according to which the working can be divided[4]. The consideration is also discussed according to the agreement.

    ·       Sharing of liabilities and profits

    There has been a set ratio which is 60:40 and this is the ratio according to which the working is done. All the tasks and duties are shared according to the ratio so yes there is sharing of liabilities and profits which leave no scope of conflicts.

    ·       Sharing of duties

    Yes sharing of duties has been discussed on the very first note and this will provide a guideline to the parties regarding their tasks and duties[5]. This will reduce the chances of conflicts and all the activities can be carried properly and working will be done effectively.

    ·       Carry a business activity

    Yes in this case there is a business activity which is related to the theatre programming and both the parties are working together for the completion of the theatre programme. This is a business activity so this can be included in the partnership agreement.

    ·       Consent

    Both the parties have entered in this business activity with a mutual consent and they have no problem regarding the agreement. The parties have mutually decided the agreement and they have also shared their tasks and duties according to which they are able to continue the business[6].

    While considering all the points of this business and partnership agreement, this case is of partnership and they both are carrying their business transactions without any business conflicts. So all the points through which partnership is proven will be mentioned and discussed. The parties need to follow the rules and instructions according to the partnership agreement to get into a partnership and they carry on the business. They have come together for a certain purpose and this will be discussed further.

    Conclusion

    This report is about the partnership act and case is mentioned is also about the business structure. The business structure is a type of carrying on the business activity. The foremost requirement of the partnership agreement is that they should have a written agreement on which all the rules and regulations have been mentioned according to which the further activities are carried. The Australian law has certain terms and conditions according to which the partnership agreement is continued and all the rules and regulations are been imposed through this act. All the terms and conditions are mentioned in the report and while discussing all the terms and conditions this is declared as partnership act.

    References

    Champredon, D. (2016). STI-Agent documentation.

    Fitzpatrick J, Symes C, Veljanovski A & Parker D, Business and Corporations Law 3rd ed. (2017), LexisNexis Butterworths Australia.

    Hufnagel, S. (2016). Policing cooperation across borders: comparative perspectives on law enforcement within the EU and Australia. Routledge.

    McQueen, R. (2016). A Social History of Company Law: Great Britain and the Australian Colonies 1854–1920. Routledge.

    Nitshiswinzhe, B. (2017). Public Private Partnerships-a critical cog in the infrastructure development Arsenal. Development Finance Agenda (DEFA), 3(1), 20-21.

    Tharith, B. K. (2017). The public and the private partnership: A saga of success and challenges in the educational landscape of Kerala. Journal of Education Culture and Society, 7(2), 275-282.