Relationship Between Private And Private Law - 1644 Words

Question 1 Partnership agreements are essential when entering into business with another entity. It is a contract between the partners (2 – 20 persons) although, ‘there are no legal formalities’ connected to the formation of a partnership . To ensure all for a fair working environment, private law is enforced outlining the rights a person is able to. The agreement further states legal consequences including mutual liability. All partners therefore are accountable for the actions of the other partners . As all partners are personally accountable for business debts, creating motivation for each partner to perform sufficiently as a degree of risk is present. The financial contributions per five partner is even to a $5,000 capital investment. As so, each partner is obligated to equally share any and all losses/ debts, as well as they are entitled to an equal capital and profit payment. Included in the contract will be partnership rights which must be adhered to. Given that only one of five partners will be working in the store and the others purely investors, the ‘Right to wage’ may be appropriate. Although all partners are entitled to a share of the profit, they are not all eligible to a wage or salary . Thus, a wage should only be paid to the one working in the store. Each partner will be granted a different level of authority and will be stated in written agreement. For Peter, Graham and Roger the most suitable option will be to grant express authority. This means thatShow MoreRelatedThe Relationship Between Private and Public Police919 Words   |  4 PagesRelationship Between Private and Public Police CJS 250 July 25, 2010 Relationship between Private and Public Police Private police and public police are important to society. Both are necessary to the protection of society, whether it is protecting one’s business and personnel or it is protecting one from personal harm. Both are responsible for crime deterrence. 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