AN INTRODUCTION TO PARTNERSHIP LAW

Abstract

This article examines various aspects of the law of partnership. First, it discusses the nature of partnership and the rules used in determining whether or not a partnership exists, and distinguishes between partnership and co-ownership. It then briefly examines who has the capacity to enter into a partnership, as well the varying forms of a partnership contract. The author then examines the actual relations between the partners and in doing so, discusses the standard of good faith, the goodwill aspect of partnership, partnership property, the sharing of debts, liabilities and losses, as well as various other important clauses within a partnership agreement. The article concludes with a discussion of issues related to partnership and third parties, as well as issues surrounding the grounds and consequences of partnership dissolution.