Business Law II

Running Head : BUSINESS LAW II

Business law II

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Business law II

In a partnership , every partner must work and desire the development of the partnership . As agents , they have authority , opportunity and responsibility in maintaining and developing the partnership 's asset and welfare . In the case of Tom and Sue , it can be said that Sue seeks her own personal interest by refusing to name the newly owned property under the partnership . She desires to seek her personal benefit rather than that of the

company . So , thus Sue violates any partnership law that binds them or any responsibility that each member must do ? In the same way , was Tom unable to perform his own responsibility and duty and violated certain agent laws as a partner ? If so , how can both persons solve the issue ? What can they do to compensate for their shortcomings and violation

In a partnership , both partners have the right to every decision made under the name and ownership of the partnership . Sue purchased the property under his name rather than under the partnership and thus , the partnership have no right in the property . In this case , the partnership and Tom have no authority over the property . Since the property in under Sue 's name it cannot be said that Sue violates any law when it comes to their partnership . She did not use the partnership 's assets in buying the property in the first place but her personal money . Owning the property is not something that the partnership should be involve since the money used in buying the property was Sue 's personal asset . However the property may have been helpful and beneficial to the partnership as viewed by both of them . Does Sue 's refusal violate any responsibility regarding their partnership by refusing to make the property under their partnership since every member of the partnership must seek the betterment of the whole partnership

It is a duty of every member of the partnership to render any information that will affect the partnership or its operation . In this case , Sue was able to fulfill his duty and responsibility to the partnership . He also desires the benefit of the company by talking the matter of purchasing the property with his partner , Tom . Therefore , Sue was able to do his part of the decision making , on whether the company should buy the property or not , by informing Tom about it . He performed her obligation as a partner to Tom through the information that she provided as a potential asset of the partnership . On the other hand , Tom failed to do his part

Sue also recognized Tom 's rights by informing him about her idea of purchasing the property under the partnership and waiting for Tom 's approval of her idea . Thus , Sue does not violate Tom 's right and authority in the partnership . On the other hand , Tom knows that the matter concerning the property is something that involves the partnership since...