Commentary

71.3 Drafting issues — decisions which may be made by an individual partner

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

71.3 Drafting issues — decisions which may be made by an individual partner

| Commentary

71.3 Drafting issues — decisions which may be made by an individual partner

At the other end of the scale from requiring unanimity, it may well be convenient for individual partners to have the authority to carry out day-to-day transactions in the usual course of the partnership business without the need to consult fellow partners. Thus, it is common to find individual partners having the authority to:

  1. 71.3.1

        draw, accept or sign a partnership cheque or promissory note;

  2. 71.3.2

        incur a partnership debt;

  3. 71.3.3

        use any partnership money or property; and

  4. 71.3.4

        buy or order goods, property or services

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