Co-Ownership and Partnership

In this forum we will give laws, details, discussion, rulings, Act and much more about the liabilities, duties of the partners in the partnership business, formation and dissolution of the partnership.

Co-Ownership and Partnership

Unread postby Admin » Sat Aug 04, 2012 10:16 am

Co-Ownership and Partnership

Co-ownership simpliciter such as may exist among joint purchasers or co-heirs or person to whom any property is given jointly or in common may be distinguished from partnership. Co-ownership is not always the result of an agreement between the co-owners for its may arise in various ways. Partnership obviously can arise only as a result of an agreement. Nor is there any implied agency between co-owners such as exists in case of partners. Moreover, some of the mutual rights and obligations or co-owners are materially different from the rights and obligations of partners inter se. Co-ownership does not of itself create a partnership as to anything so owned even though the owners agree to share any profits made by the use thereof, it is necessary that there should be consent of all to trade as partners before there can be a partnership. there mere facts that persons share profits arising from any property held jointly or in common is not sufficient to make them partners to constitute partnership there must be an agreement to share the profits of a business wherein the persons concerned acts for all. It is true that the distinction between co-owners between co-owners and partners becomes somewhat obscure when co-owners employ their property with a view to profit. but the distinction though not always easy to draw is appreciable.
Iqbal International Law Services®
info@iqballawservices.com
Phone: 0333-2171556
Admin
Site Admin
 
Posts: 456
Joined: Tue May 22, 2012 7:28 pm
Location: Karachi, Pakistan

Return to Partnership Law

Who is online

Users browsing this forum: No registered users and 1 guest

cron