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BER 220 ACTIVITIES
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BER 220 ACTIVITIES PARTNERSHIPS QUESTION 1: O-so-real is a partnership with three partners, Susan, Peter, and John. The main business of the partnership is transport. The partnership agreement prov ... ides that only Peter and John may enter into contracts on behalf of O-so-real. All three partners attended a meeting on 12 December 2016 and decided that Susan should buy a Jet-ski, on behalf of the partnership, from Water World (Pty) Ltd. Susan concluded the contract, but the partnership failed to pay for the Jet-ski. Answer the following questions: 1.1. The partners decided that they want to convert the partnership into a private company and scheduled a meeting with you, as their company law advisor. Advise them on the differences in characteristics between a company and a partnership. (6) Company: • Separate personality/ Legal person • Limited liability for members • Owner of own property • Perpetual succession • Shareholders unaffected by winding-up • Formation-formalities • Management – board • Profits –dividend declared [Show More]
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