Business law is also called as commercial law and it includes all the transactions required for a business. Law of partnership is a type of commercial law. It is defined as an association of two or more persons who contribute their money, time and property and work as the co owners and carry the business to maximize their profits.
In the commercial law partnership have different features such as a partnership has no legal entity apart from its members. It means that the partnership and the partners are not separate from each other. The rights and liabilities of the firms are considered the rights and the liabilities of the firms. If any of the partners dies or retires the partnership comes to an end.
Partnership has many advantages and disadvantages as they are very important for anything. It is easy to form. Partnership is made to enlarge the capital. It has better management, high credit standing, more participation, skilled employees, flexibility, decision making, and protection of minor partners, quick decision, sharing of risk, business secrets, and spirit of cooperation, personal supervision and easy dissolution.
Similarly it also have many disadvantages such as unlimited liability, risk of dissolution, possibility of disagreement, lack of authority, limited resources and loss of opportunities. A contract between the two parties is known as the contract law. There are four ways to set a contract law these are, void, unenforceable, voidable and ineffective. An agreement without consideration is called void. When consideration is given immediately by one party to another at the time of contract it is called present consideration.
Every factory must provide exits for escape in case of fire. The doors of the factory shall not be locked, while the factory is in operation and all doors must open outwards. All dangerous type of machines shall be fenced so as to ensure safety of the worker working on such machines in commercial law.
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