There are several business structures to choose from by the three friends, namely, Liam, Nisha, Saul and Jing. But there main emphasis is to understand the features and functions of three specific business structures, that is, partnership, company and co-operative.
Organization Law
There are several business structures to choose from by the three friends, namely, Liam,Nisha, Saul and Jing. But there main emphasis is to understand the features and functions of three specific business structures, that is, partnership, company and co-operative. To advice them as to which business structure to choose from the three structures stated above there is a need to have a thorough understanding of all of them. The Victorian law is considered while dealing with all the three forms of business structure. The first business structure which is analyzed is PARTNERSHIP.
Partnership
The Victorian Partnership law is comprised under the Partnership Act of 1958 (Act). Section 5 specifically deals as to what a Partnership is. It submits that when two or more individuals join together to start a business of continuing nature with an intention of earning profit then such an arrangement is termed as partnership. There are few default rules which are adapted in absence of a specific partnership agreement and is comprised under section 6 of the Act. In Australia, there is no particular one form in which partnership can be created. The forms are [Business Victoria, 2013]