Lecture notes
BUSINESS LAW AND PRACTICE NOTES LECTURES 1-9
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- Liverpool John Moores University (LJMU)
BUSINESS LAW AND PRACTICE NOTES LECTURES 1-9 -
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BLP REVISION – BLP PAPER 2 – 70% - 3 hour exam
Partnership – 20 marks ?
Simply having a partnership agreement will not circumvent the PA 1890 – must be a
well-drawn up agreement covering all important aspects of the business to avoid the
default rules of the PA 1890. – if not relying on PA 1890 – what are these provisions
and what are the consequences of a business governed by PA 1890 ? – ensure
discuss aspect of partnership law you refer to relevant section or statutory
provisions of the PA 1890 – quote specific sections (section 5 etc)
Faults in PA – how does a business operate when no agreement / poorly drafted
Demonstrate an understanding of the limitations of the partnership act 1890 – this
legislation does not reflect modern business practice – not fit for purpose
How can a partnership avoid the default rules of this legislation?
Understand default rules of PA 1890 and advise a client how to need to avoid this –
written agreement get around this
How partnership set up / formed
May be told parties set it up told is one but also don’t know they’re in one because
can be formed through oral agreement or implied conduct
Who client – what want
Consider obligations of a partner whilst in the business
What are the obligations of partnership once a partner wishes to leave the
business ?
If business dissolves – what order will all various parties be paid out ? liabilities met
first ? what partners get paid out in what order ?
Agreement – silent on dissolution / retirement
Look at partners – are there any obligations on outgoing partners if there are no
agreement ?
What are rules on distribution if a partner dissolves there is no agreement, or the
agreement is silent on matter
What circumstances can an ex-partner be held liable
Important sections – s1(definition of a partnership – are there 2 or more existing
people carrying on a business with view to make a profit)
s5(ostensible and actual authority – conduct of partners binding the business –
partners are liable for each other’s conduct – not a separate legal personality –
partners will be personally liable for debts etc – in what circumstances will actual
authority – what are the provisions within actual authority – making decisions within
usual course of business – when will s5 bind partnership and are there exceptions ?)
s14 (where a partner holds themselves out by estoppel, someone who not strictly
speaking a partner retired etc – present themselves to have authority to enter
contracts on business behalf) , s17(partners obligations before, during and before
leave business)
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