An Outline of the Law of Partnership explains and illustrates the major legal principles governing the formation, operation and termination of partnerships and the way they apply in practice.
This 4th edition incorporates updates to all statutory references and to all major new cases, expands on existing explanations and, where relevant, includes additional case examples to illustrate how those principles apply in practice.
Major new legislative amendments considered in this edition include:
A revised Part 3 added to Limited Partnerships Act 1908 (Tas), modelled on equivalent provisions in Partnership Act 1892 (NSW), and the inclusion of provisions allowing for the establishment of incorporated limited partnerships in Tasmania;
Amendments to Partnership Act 1895 (WA), including renumbering of provisions;
The introduction of a new Equal Opportunity Act 2010 (Vic); and
The repeal in New Zealand of provisions relating to 'special partnerships' and introduction of a new Limited Partnerships Act 2008 (NZ) to provided for 'limited partnerships' equivalent to Australia’s incorporated limited partnerships.
New cases covered in this edition include:
Friend v Brooker – the consequences of the parties making a commercial decision to operate as partners;
Spriggs v FCT – further definition of what can constitute a business;
Seiwa Australia Pty Ltd v Beard – liability of partners for actions of another partner that are not 'in the usual way';
Farah Constructions Pty Ltd v Say-Dee Pty Ltd – the effect of disclosure on what would otherwise be a breach of fiduciary duty;
Cavasinni v Cavasinni – costs of dissolution and interest paid on capital contributions;
Walker v Melham – the rights of departing partners to choose between a share of profits or interest on their share of partnership assets where there is a delay in them being paid out;
Wright Prospecting Pty Ltd v Hancock Prospecting Pty Ltd (No 9) – the relationship between partners’ contractual and fiduciary obligations;
Tim Barr Pty Ltd v Narui Gold Coast Pty Ltd – onus of proof in actions for an account; and
Maclag (No 11) Pty Ltd v Chantay Too Pty Ltd – considerations to be taken into account on an expulsion.
Primarily aimed at students studying partnership as part of a company law subject, An Outline to the Law of Partnership, 4th Edition provides a broad, readable outline of the subject.