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LML4806 - Company law summaries & notes
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STUDY FOR EXAMLONG QUESTIONS WITH ANSWERS
Companies and Partnerships Compared
(a) A company can be created only by certain prescribed methods – most
commonly by registration under the Companies Act 1985. A partnership is
created by the express or implied agreement of the parties, and requires no
formalities, though it is common to have a written agreement.
(b) A company incurs greater expenses at formation, throughout its life and on
dissolution, though these need not be excessive.
(c) A company is an artificial legal person distinct from its members. Although in
Scotland a partnership has a separate legal personality by virtue of s.4(2) of
the Partnership Act 1890, this is much more limited than the personality
conferred on companies.
(d) A company can have as little as one member and there is no upper limit on
membership. A partnership must have at least two members and has an
upper limit of 20 (with some exceptions).
(e) Shares in a company are normally transferable (must be so in a public
company). A partner cannot transfer his share of the partnership without the
consent of all the other partners.
(f) Members of a company are not entitled to take part in the management of
the company unless they are also directors of it. Every partner is entitled to
take part in the management of the partnership business unless the
partnership agreement provides otherwise.
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