Friday, 15 June 2012

What "kills" a partnership.

In a partnership, two (or more) separate entities voluntarily join together in order to accomplish an objective which, individually, none may or may not have been able to achieve.

Having partnered, each becomes the agent of the other(s), thus each becomes individually liable for the debts of all, but, concerning each's 
entitlement to share the profits derived, only as clearly beforehand agreed, .

Consequently, it makes good sense for partners to get a firm grip of the happenings which cause a partnership to end, as under:

1. The completion of the project for whose execution the partnership was formed, or, before such time, any of the following:

2. The death of, or onset of insanity in, a partner.

3. The resignation of a partner.

4. The effluxion of the time allotted for completing the project.

Did I miss anything?

5. The partners agreeing to bring it to an end.

We came to dance. Shall we? Or, have you forgotten who brung you? 

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