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Presentation Law Partnership

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hasral fazlie

on 28 August 2013

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Transcript of Presentation Law Partnership

Nurul Syifaq Binti Malek
(DIA 103006)
Hasral Fazlie Bin Abdul Rahim
(DIA 103009)

Law Of Partnership
Introduction
In Malaysia the governing law that addresses partnership matters is provided in the Partnership Act 1961 (Act 135).
Formation Of Partnership
Case of Tan Teck Hee v Cheng Tien Peng ( 1915)

The parties must be more than one but should not exceed 20.
But, in this case that no partnership which has membership exceeding 20 can maintain an action as such formation was forbidden by law.
Parties were not entitled to enforce any claim.
Existence of Partnership
In Section 4 of the Partnership Act 1961,
provides that partnership may either exist or not depending on the circumstances.
Example:
If
Ali and Hassan
, own a four-storey shop house and they merely share the rental derived from the shop house and nothing else,
Ali and Hassan
are not partners. However,
Ali and Hassan
run a departmental store in the shop house and they put in capital and run the business with a view to making profits, they are partners.
An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally.
What is Partnership?
Section 3(1) of the Partnership Act 1961
states that:

"Partnership is the relation which subsists between persons carrying on business in common with a view of profit."
Section 4(a):
'Joint tenancy' and 'tenancy in common' refer to ownership of property by two or more persons; common or joint ownership does not imply the existence of a partnership unless there are other circumstances which exist which are evidence of a partnership.
Case of Gulazam v Noorzaman and Sobath
Obtaining profit
The parties agreed among themselves to form partnership of buying and selling cattle.
They agreed to share their profits.
HELD: All essential element including with a view profit were present to constitute a partnership.
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