Beatles Memorabilia Shop

Question: Discuss about the Beatles Memorabilia Shop. Answer: Introduction: Partnership is the relation amongst those persons who agrees to share the profits earned in the business which is carried on by them. To enter into a partnership, it is very important to have an agreement between the persons. The initiative to become partners or to run a partnership business can be expressed by any means like having a discussion personally or over phone. But it is for the legality of the partnership business to have a written agreement made between the partners. The agreement should contains the details of the partners, the business they are willing to carry and its aim, the capital invested in the business and the most important provision should be the ratio of sharing the profit (Marsdd, 2014). Economic share for the business Make sure you clearly lay out each partner stake in the formation and ongoing finances of the business .How much will each partner contribute to start the business and what will each partner responsibility be for future needs. In your agreement define what each partner will put forth not only in the amount of money but also with regard to time, effort, customer, equipment etc. You are all in business to make some money and create and sustain a comfortable life right. Your partner agreement should detail how the partner will split your business profit. How much the partner will get paid and who will get paid first. Outline not only how profit will be distributed but also define if each partner is paid a salary which is the best in a business process (Business, 2016). Feasibility of the shareholders to buy own products What if something changes with regard to ownership of the business? If you sell it which partner will get what? What is your partnership position on taking on new partner .If one partner wants to with draw from your business what will happen then, where are the options for buying out another partner. Your agreement should clearly describe how the ownership interest would be handled in various scenarios like those and others such in the event of any partner death a retirement, or bankruptcy and to protect your business from a partner leaving, setting up new company ad steeling your customer adding in a non complete clause and better safe than sorry (Marylise, 2008). Decision making capability of partners Though nobody thinks about this but one should. If things get ugly between partners how will dispute be handled? Your partnership agreement should define the resolution process. Soul mediation is the initial step will you require arbitration to settle differences. Keep in mind that if a dispute goes to court lawsuit becomes part of public record. Setting up how you will handle dispute will take the guesswork out of navigating dissention. Your agreement should also include what steps should be taken legally end your partnership. You might opt to do this is your and you self cant agree on the future of your business. Also research what your state requires to dissolve partnership. State law governs dissolution and your state website should define the process and provides the forms you need to complete (Marylise, 2008). Can Betty sell memorabilia to the partners? Issues The issue in this case is that Peter and Graham accept the offer made by Betty, one of the customers. They went to her house to see the memorabilia and immediately tell her that they will buy it for $ 5,000. They will get it on the next day and promised to provide a cheque to Betty on the next day. Both of them have acted on behalf of the partnership and the partnership will not pay for it. Rule(s) Section13 of the Partnership Act 1895, states that the partners are bound by the acts of the firm. This means that any business done in the name of the firm in order to bind the firm to a person, the firm or any other partner is not liable for the act. Section 15 of the act states that if there is any restriction on the execution of power on any partner and the partner executes the same which is contravening the agreement, the firm will not be liable for the same. Application In this case, as Peter and Graham have contravened both section 13 and 15 of the Partnership Act by taking the decision of purchasing the memorabilia from Betty without giving any information to any other partners. This is because there is no power vested on Peter and Graham to take decision on behalf of the partnership as they were only interested in investments and this act is against the agreement. In conclusion, Betty has to be paid by them as they have taken the opportunity to purchase it irrespective of asking anybody and should know whether they can pay to Betty and the partnership have a communication gap. So agreement of business and partnership should be ethical and nobody should break the ethics of business (privatewriting, 2014). Liability of partners towards medical costs incurred for Mick Issues Issue is that Ringo have been employed in the shop and is a Beatles fan. There is an argument between Ringo and Mick who operates Stones Caf. Ringo hit him on face which injured him badly. Mick has to pay for the medical expenses and estimates his business loss of $2,000. Rule(s) As Ringo has been employed in the shop, therefore, there is a relationship of master and servant between the partners and Ringo in accordance to the law of Tort. Therefore, the partnership is vicariously liable to reimburse the expenses of Mick as the mishap had happened during the working hours. Application The application of the case is that, having gone through the above rules, it can be ascertained that there is a partnership liability for the mishap of Mick as it has been done by the employee of the partnership during the working hours and so the partnership is vicariously liable, (Marylise, 2008). Concluding in the final analysis, as discussed, Mick does stand a chance to get reimbursed for any medical costs for his injury. Discussion on complaints of Apple and powers of ACCC through principles of law The ACCC in Australia is the agency for protection of consumers. It is a separate government organization addressing the population causes. Majority of the ACCC activities happens under the provision of the relevant act by promoting competition among business. This gives ACCC various solutions including legal enforcement undertaking. Administrative resolution is also provided. The ACCC enforcement uses various tools for prevention of businesses fraud and education, working with the parties. The cases are further dealt with in detail how the action on compliance is taken by the ACCC for goal maintenance and protection of market crash due to unfair practices(Accc, 2015). The aim is prevention of unlawful activities, better practices, to correct actions causing distress, by effectively using the compliance where defensible court procedure is obtained to penalize the offenders of the law (Business, 2016). Department will enforce the relationship between the larger and the smaller organizations to ensure smooth business operations. Infringement notice can be issued by the ACCC with helps the concern to pay a penalty and solve the matter with the ACCC. Enforcement means that the parties to the dispute have to attend the proceedings. The nouvelle provisions of the act are to be followed to the tee. The legal priorities are set according to the newer issues and the welfare of the customers. The consumer protection and the psyche of the consumers are taken into consideration of the law. The cartel formation and management is also a part of the law (Business, 2016). Conclusion In every Business process say a personal business process or a partnership business process the ethics of business goals and agreement between in and other should be maintained to make a successful business organization. If policy between the partners is not self-satisfied then the business will go to the end fighting each other for their personal goal and power. So a proper agreement and understanding each other is very much needed to run a business. References: Accc. (2004). Cartels case studies legal cases. Retrieved September 30, 2016, from https://www.accc.gov.au/business/anti-competitive-behaviour/cartels/cartels-case-studies-legal-cases Accc. (2015, January 01). Franchising Code of Conduct. Retrieved October 22, 2016, from Accc: https://www.accc.gov.au/business/industry-codes/franchising-code-of-conduct Business. (2016, May 09). Partnership. Retrieved October 22, 2016, from business.gov: https://www.business.gov.au/Info/Plan-and-Start/Start-your-business/Business-structure/Business-structures-and-types/Partnership Marsdd. (2014, April 07). Corporations Act 2001. Retrieved October 26, 2016, from Marsdd: https://www.marsdd.com/mars-library/general-partnership-agreement-sample-template/ Marylise. (2008, June 27). Partnership Act. Retrieved October 26, 2016, from Oscommerce: https://forums.oscommerce.com/topic/306857-can-you-get-sued-for-selling-some-brand-items/ privatewriting. (2014). Is the partnership liable for the memorabilia purchased from Betty. Retrieved 10 23, 2016, from privatewriting.us: https://privatewriting.us/partnership-liable-memorabilia-purchased-betty/