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FIRST CLASS Company Law Business Law Legal Research and Writing Assignment - Partnership, Company Secretary, Non-Executive Director, AGM, Off-The-Shelf Company£4.39
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FIRST CLASS Company Law Business Law Legal Research and Writing Assignment - Partnership, Company Secretary, Non-Executive Director, AGM, Off-The-Shelf Company
This document contains an assessed assignment relating to Company Law/Business Law where students have to carry out legal research and then produce a written letter advising a client who wants to leave a business partnership as well as answers to various questions relating to the area of Company La...
Company Law/Business Law/Practical Legal Research and Writing/Legal Advising
Assignment
1.
(a) In a situation where Mr Patel wanted to be able to “walk away from the business”,
there are a few options which he could take in order to end his connection with the
business. Since there is no written agreement on the formation of the partnership,
the Partnership Act 1890 will be applied to regulate the relationship between the
partners.1 As a result, Mr Patel would be able to rely on s.32 (c) of the Partnership
Act 1890 to dissolve the partnership by giving notice to his fellow partners Al and
Dave, because it states that “a partnership is dissolved if entered into for an
undefined time, by any partner giving notice to the other or others of his intention to
dissolve the partnership”.2 Once a s.26 notice has been served, the dissolution could
take place immediately if no date is mentioned in the notice, which means that once
the date of the communication of the notice has been made, the partnership can be
dissolved there and then.3 Mr Patel can also apply to the court for the dissolution of
the partnership on the basis that one of the statutory grounds under s.35 for
dissolution is applicable in his case.4
Mr Patel may also be able to end his connection with the business altogether by
announcing his retirement from the partnership. This decision is often seen as being
more beneficial to the remaining partners because the partnership can still be
continued unaffectedly.5 However, in Mr Patel’s case, because no written agreement
has been made, this means that the Partnership Act will be effective; and since the
Act does not specifically deal with retirement, then the only option available to Mr
Patel is to give notice of his retirement under s.26. But because “the section does not
permit a partner to retire leaving the partnership unaffected” 6, this means that if Mr
Patel was to serve a written notice of his retirement, it would lead to the dissolution
of the partnership.
1
Sclorach, S and Ellis, J. Business Law 2004-2005 (Oxford: OUP, 2004) p.273
2
Under s.32 (c) of the Partnership Act 1890
3
Under s.32 of the Partnership 1890
4
Sclorach, S and Ellis, J. Business Law 2004-2005 (Oxford: OUP, 2004) p.29
5
Ibid.p.33
6
Ibid
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