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Organisations Law This assignment is relevant to partnership law Maximum 1500 words APA Style Worth 20 marks (20% of the final grade) Marking guide: Correct identification of relevant issues Correct identification of relevant legal rules, including proper citation of statute and case law Plausible application of legal rules to the facts of the scenario Correct conclusion Total marks 20 Topic: Kate, William, Harry and George run a horse stud together. All four are the grandchildren of Edna Barcoo. Each inherited $250,000 from the Ednas estate and decided to go into business together. They started the horse “stud business” in December 2015. Kate, William, Harry and George contributed their full inheritance to the venture, but William also bought along two former racehorses with good pedigree to be used for horse breeding. “William never discussed whether he was giving the horses to the business or just lending the horses to the business”. The stud name for the business is Tall Oaks. This has not been registered as a business name. As William is the eldest and the most knowledgeable about horses, he manages the stud. “By agreement”, all purchases are approved by William, although there is a limit for any one purchase of $25,000. Major business decisions are discussed together and, if necessary, a vote is taken. Kate looks after the website and all marketing for the stud. Harry and George primarily look after the horses, the paddocks and the stables. William runs the breeding program and is responsible for the health of the horses. The four have agreed to share profits and losses as follows: William 50%, Harry 25%, Kate 12.5% and George 12.5%. William is not paid a salary. Questions: 1. Do you think that Kate, William, Harry and George are partners? Why? (NOTES FROM TEACHER): How does a partnership arise? 2. Kate arranges for a cocktail party to be held at the stud. It will be attended by many important people from the horse racing set. “Kate wants to make a good impression and she buys a $7000 designer dress” on credit to wear to the function. She did not discuss the purchase with any of the men as she thought they would not understand. Is the business liable to pay this debt? (NOTES FROM TEACHER): Who owns the business, Who has the liability “Authority”, Does Kate have the authority to bind the partnership, use of Agency law about Kate. 3. Kate, William, Harry and George want to acquire a “new breeding horse”. It is going to cost $170,000 but the business does not have this amount on hand. They borrow the money from Harry at an interest rate of 15% p.a. Is there any problem with this agreement? (NOTES FROM TEACHER): Can Harry advance money to the partnership, what does the partnership agreement say, variation, Authority; rights and powers. If there is no agreement refer to Common law and Partnership Act 1963 4. George wishes to leave the stud and take up acting. He wants to make sure he is not “liable for any debts incurred before or after he leaves”. What can George do to protect his interests? How can George get his money out of the business? (NOTES FROM TEACHER): What Liabilities and what about the Capital, What about Before and After, Section 12 of the Partnership Act 1963
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