Case Brief: Zuckerman vs Antenucci

| The partners are jointly and severally liable for business debts and obligations. The partners are held personally responsible for the business and may be sued personally for liability. Partners’ personal assets are subject to lawsuit(s) made against the business. Lack of continuity; death of a partner may end the partnership/business if a buy/sell agreement is not in place. Disagreements may be difficult to resolve.

Due to its nature, partnership is generally liable for the acts of the individual partners if committed in the course of the partnership business. However, liabilities of every partner may be regulated by the written agreement signed by partners. If no written agreement is signed by partners, liabilities of the partnership are regulated by the Partnership Act. If one of the partners retires, he or she may not be liable for the future debts of partnership if an official notice of the change is sent to creditors and the public. However, there were no official notice sent by the partners in the case; therefore, Toby may be liable for the debts of partnership. Due to the death of the third partner, partnership may be dissolved. In order to pay off the debts, assets should be sold and partners are free to continue the same kind of business after the dissolution of the

When it comes to partnerships Alex, Bill, Carl, and Devon will have two options- a general partnership or a limited partnership. Partnerships are beginning to be a business form of the past. Once upon a time, partnerships were “the default form of business and provided the benefit of pass-through taxation, but lacked the important feature of limited liability” (Chrisman, 2010, p. 465). In a general partnership, each partner associated with the entity will be held liable for their own business decisions as well as

Depending on the % of partnership the liability will be decided. If the partnership is limited by some % then the partners will be responsible only fro that much % only.

It tops the list of business owners’ mistakes that lead to lawsuits/litigation. The business partnership is a common source of lawsuits due to the eventual breakdown of the partnership. As litigation attorneys, we’ve heard every complaint in the book about business

Unlike entities such as corporations, general partnerships do not shield individual partners from personal liability for partnership debts and/or acts or conduct of other partners. The UPA provides for "joint and several liability" against general partners for all partnership obligations incurred after such individuals are deemed "partners" of the partnership.

LIABILITY – Personal liability for all business debts/obligations apply to all the partners; including courts judgements.

Under the section 5 subsection 1 of the Partnership Act in Queensland, a Partnership is defined as ‘…the relation which subsists between persons carrying on a business in common with a view of profit.’ Ali and Tom ran an online business which sold seedlings of rare native plants bred by Ali’s own business Phaius of Tharga Pty Ltd. This shows that both parties had a joint ownership of the business with a presumed common interest in profit, from which adequately fits with the above description of a partnership. The essential characteristics of a fiduciary relationship requires "….mutual confidence and trust…." between the parties to a degree where in the actual circumstances the principal can reasonably expect the fiduciary to act in the principal’s interest in the relationship.

Under the Partnership Act 1963 , each partner of a firm is liable jointly with the other partners of that firm for the debts incurred.

(1) Every partner in a partnership, other than a firm that is a limited partnership or incorporated limited partnership, is an agent of the firm and his or her other partners for the purpose of the business of the partnership, and the acts of every partner who does any act for carrying

A partnership is an association of two or more people who typically know and trust each other and therefore come together to set up and carry on a business. The partners have an equal control over the company’s affairs and typically contribute an equal capital amount. Incomes and losses are also equally shared . A trust is an obligation given to an appointed person, the trustee, to hold the assets and property of the business on behalf of the

Ignorance is no excuse in the eyes of the law. As such, the code and the approach to determine partnership status is fairly straightforward. Yet, the question that faces the court is not whether one person is a partner, but whether he/she should be treated as a partner for the purpose of resolving the dispute at hand. A threshold issue is from which of the partners may the third party recover. Courts typically protect the interests of a third party in dealings with partnerships.

In a partnership, liability for other partners’ misdeeds is limited to the amount a particular partner has invested in the business.

There is always a personal risk of exposure to liability, this is considerably high; both the partnership property (organizational assets) and individual assets are at risk; however, only a portion of the lawsuit

The test for the existence of a partnership should be applied, the definition of a partnership, the s5 of Partnership Act 1891 (Qld) states “Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.” To further break down this definition and determine what is meant by the terms “carrying on business”, “business in common” and “in common with a view to profit”. The dictionary of the Partnership Act 1891 (Qld) defines a business as “including every trade, occupation and profession”. The term ‘carrying on business” can be determined by looking at precedent see Smith v Anderson 18801, in this case the court found “The expression ‘carrying on’ implies a repetition of acts or transactions. The next issue to determine is the phrase ‘in common with a view to profit”. To break this down we look for the