Sample Paper on Partnership Law

Continued from the previous paper

It should be taken into account that the initial agreement was among the four students and that at some point all of them contributed equally to the cause for which their partnership was formed. However, some of them had to abandon the assignment halfway due to certain engagements. When it comes to matters of compensation, all the factors that have been named above should be put into account. This, therefore, means that those who remained behind and were not taken away by other assignments should get more compensation. Those who went away to work on other engagements should be compensated, but there’s will be less. It will be also important to ensure that the amount that they are compensated in March so that none of those who went away gets less than the other.

According to the regulations that govern the formation of partnerships, at the beginning when they were first coming together, they were considered to be equal partners. However, some of them left, and therefore it meant that some of the members were going to input more than those who left. This would therefore mean the departures would be reduced to dormant partners while the other remained as active partners. Consideration should also be made about the buddy whose input should be also quite beneficial to the venture that the group ventured on. He would, however, receive the least amount of compensation owing to the fact that his input was the least and that he was not around when the first rules of the group were being formed and the member was coming up with agreements about the work they were going to undertake.