Business Law Essay Example | Topics and Well Written Essays - 750 words - 13

Business Law - Essay Example Clearly, the absence of a written partnership agreement between Jamie and Joe/Jack does not negate the fact that they both entered into a partnership agreement. Its existence may therefore be inferred from other grounds such as entering into business contracts with third parties in the name of or in representation of the partnership. Having established the existence of a partnership agreement between Jamie and Joe/Jack, the latter is liable for the funds as well as the other assets of the partnership, with special mention (Last Name) 2 of Jamie’s trademark and special design processes which Joe/Jack sold to clients without the consent and/or knowledge of Jamie. Section 404 Paragraph b of the Uniform Partnership Act of 1997 clearly states that, â€Å"(b) A partner’s duty of loyalty to the partnership and the other partners is limited to the following: (1) to account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in the conduct and winding up of the partnership business or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity; (2) to refrain from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf of a party having an interest adverse t o the partnership; and (3) to refrain from competing with the partnership in the conduct of the partnership business before the dissolution of the partnership.†