Summary
Summary U1 (Partnership) Partnership Act revision table
Revision table on all the key areas of the Partnership Act needed for the exam. Includes sections from the Act and answers to questions.
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Partnership ActAs soon as the definition in s.1 is satisfied a partnership will begin.
What is the duration of
the partnership? The partnership can be dissolved at any time by any partner by giving notice to the
others
The notice of dissolution can have immediate effect and need not be in writing
unless this was specified that it needed to be by deed
Partners may share their increases/ decrease in asset values equally (implied from
What share of profits is PA 1890 if no provision to the contrary)
a partner entitled to in
relation to: 29Accountability of partners for private profits.
- Income
- Capital? (1)Every partner must account to the firm for any benefit derived by him without the
consent of the other partners from any transaction concerning the partnership, or from
any use by him of the partnership property name or business connexion.
(2)This section applies also to transactions undertaken after a partnership has been
dissolved by the death of a partner, and before the affairs thereof have been completely
wound up, either by any surviving partner or by the representatives of the deceased
partner
24Rules as to interests and duties of partners subject to special agreement.
(1)All the partners are entitled to share equally in the capital and profits of the business,
and must contribute equally towards the losses whether of capital or otherwise sustained
by the firm.
(2)The firm must indemnify every partner in respect of payments made and personal
liabilities incurred by him—
(a)In the ordinary and proper conduct of the business of the firm; or,
(b)In or about anything necessarily done for the preservation of the business or property
of the firm.
PA 3 clauses which must be made under unanimous consent
How are decisions 1- Changing nature of the business (changing business to sell X rather
made in relation to: than Y)
2- Introducing a new partner
- Changing the 3- Changing the terms of the partnership agreement
nature of the
partnership; The rest of the decisions can be made by majority
- A new partner
joining; Changing nature of the partnership
- Changing the 24Rules as to interests and duties of partners subject to special agreement.
terms of the
partnership; and (8)Any difference arising as to ordinary matters connected with the partnership business
- Other day-to- may be decided by a majority of the partners, but no change may be made in the nature of
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