Partnership - Law (business organziation) tutorial question 4.16

Identify the area or areas of law The area of law concerns this case, which in connection with the relations of partners to one another, especially expulsion of partner and distribution of assets on dissolution of partnership. Explain the principles of law EXPULSION Regarding expulsion, the Partnership Act says that: "No majority of the partners can expel any partner unless a power to do so has been conferred by express agreement between the partners." The …showed first 75 words of 935 total…

…showed last 75 words of 935 total…appears that if there is a clause inserted in the partnership agreement permitting such an expulsion; and majority of the partners have a decision to expel, Mike might be expelled, if not, they cannot. Moreover, Mike was liable for the debts and obligations to the full extent of his personal resources, after he contribute the capital for debts, the residue distributed according to the proportion that profits were paid to the Mike by the partnership.