kindly refer to the module below.
SUBJECT: Business Laws and Regulations
Business Laws and Regulations (3rd Week) Any capitalist partner violating this prohibition shall bring to the common funds any prots accruing to him from his transactions, and shall personally bear all the losses. (11) Any partner shall have the right to a formal account as to partnership affairs: (1) If he is wrongfully excluded om the partnership business or possession of its property by his copartners; (2) If the right exists under the terms of any agreement; (3) As provided by article 1807; (4) Whenever other circumstances render it just and reasonable. (11) Property Rights of a Partner The property rights of a partner are: (1) His rights in specic partnership property; (2) His interest 'n the partnership; and (3) His right to participate in the management (11) A partner is co-owner with his partners of specic partnership property. The incidents of this coownership are such that: (1) A partner, subject to the provisions of this Title and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners; (2) A partner's right in specic partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property; (3) A partner's right in specic partnership property is not subject to attach- ment or execution, except on a claim against the partnership. When partner- ship property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws; (4) A partner's right in specic partnership property is not subject to legal support under article 291. (n) A partner's interest in the partnership is his share of the prots and surplus. (n) A conveyance by a partner of his whole interest in the partnership does not of itself dissolve the partnership, or, as against the other partners in the absence of agree- ment, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration of the partnership business or affairs, or to require any information or account of partnership transactions, or to inspect the partnership books; but it merely entitles the assignee to receive in accordance with his contract the profits to which the assigning partner would otherwise be entitled. However, in case of fraud in the management of the partnership, the assignee may avail himself of the usual remedies. In case of a dissolution of the partnership, the assignee is entitled to receive his assignor's interest and may require an account from the date only of the last ac count agreed to by all the partners. (n) Without prejudice to the preferred rights of partnership creditors under article 1827, on due application to a competent court by any judgment creditor of a pint- ner, the court which entered the judgment, or any other court, may charge the interest of the debtor partner with payment of the unsatised amount of such judg- ment debt with interest thereon; and may then or later appoint a receiver of his share of the prots, and of any other money due or to fall due to him in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require. The interest charged may be redeemed at any time before foreclosure, or in case of a sale being directed by the court, may be purchased without thereby causing a dissolution: (1) With separate property, by any one or more of the partners; or (2) With partnership property, by any one or more of the partners With the consent of all the partners whose interests are not so charged or sold. Nothing in this Title shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership. (n) Obligations of the Partners with Regard to Third Persons Every partnership shall operate under a rm name, which may or may not include the name of one or more of the partners. Those who, not being members of the partnership, include their names in the rm name, shall be subject to the liability of a partner (n) All partners, including industrial ones, shall be liable pro rata with all their prop- erty and after all the partnership assets have been exhausted, for the contracts which may be entered into in the name and for the account of the partnership, under its signature and by a person authorized to act for the partnership. However, any partner may enter into a separate obligation to perform a partnership contract. (I1) Any stipulation against the liability laid down in the preceding article shall be void, except as among the partners. (n) Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instru- ment, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership, unless the partner so acting has in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority. An act of a partner which is not apparently for the carrying on of business of the partnership in the usual way does not bind the partnership unless authorized by the other partners. Except when authorized by the other partners or unless they have abandoned the business, one or more but less than all the partners have no authority to: (1) Assign the partnership property in trust for creditors or on the assignee's promise to pay the debts of the partnership; (2) Dispose of the good-will of the business; (3) Do any other act which would make it impossible to carry on the ordinary business of a partnership; (4) Confess a judgment; (5) Enter into a compromise concerning a partnership claim or liability; (6) Submit a partnership claim or liability to arbitration, (7) Renounce a claim of the partnership. No act of a partner in contravention of a restriction on authority shall bind the partnership to persons having knowledge of the restriction. (n) Where title to real property is in the partnership name, any partner may convey title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner's aet binds the partner- ship under the provisions of the rst paragraph of article 1818, or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded his authority. REQUIRED: 1. Pick the most important lesson in the module and explain why it is important. 2. In summary, what is the module all about
