Business LAw 2 Assignment Example | Topics and Well Written Essays - 1000 words

blood line LAw 2 - Assignment ExampleIntroduction General checkmateship is a channel arranging in which two or more persons come together to form a business with the trail of realizing reachs. In opting for this form of business organization, we considered several(prenominal) factors in the formation of businesses and opted for this form of business tending(p) the several flexibility associated with the business. These include during the formation of the business, the legal requirements are not tedious and lengthy (Dobson, & Stokes, 2008). One undergoes a couple of(prenominal) legal formalities and the business leave alone be granted the permission to legal exist as opposed to other forms of business organization like the limited companies. In the partnership, the partners are directly problematical in the workaday running of the business and have the opportunity to acclimatize with the requirement of the business and picture efficient and smooth running of the business ( Fletcher, 2002). In addition to these, there are also variant expertise brought together in running of the business hence specialization and division of labor. Policies of the Company during governance During the formation of the company (partnership), we will have to form the reference policies that will be used for the daily running of the business. ... In this sense, the profit or losings realized in the business will be shared according to the assets and capita contributed during the formation of the business. II. Division of Duty and Responsibilities The duties in the partnership will be equally divided given the number of the partners in the business. In the business, there will be no sleeping partner and expenditures incurred following outsourced labor will be considered liabilities of the partners of the business (Gage, 2004). III. Dissolution of the partnership Partnership will be in existence until such a time that the following hypothetical situations stipulated in th is correspondence realized death of a partner, when the business run into bankruptcy, and when declared by court of law as engaging in unscrupulous business (Hall, 1984). During the dissolution f the partnership, the business assets and the profit or losses will be shared according to the stipulation given by the clause describing Capital and profit sharing. IV. Incorporation of the new Partners The partnership will remain open for the incorporation of new partnership given they make asset and capital contribution equivalent to those already in the business. The contribution of each partner will be isotropyately be determined and profit and losses shared according to the proportion made in the contribution (Lowe, 1999). Policies on the Breach of sale and Purchase of Products In the partnership business and just like any other business, there are sales and purchase of products. These operations in the business require that certain terms and conditions be made and the parties have t o adhere to them, failure to