Summary
Summary PARTNERSHIPS Notes- Business- SQE 1
PARTNERSHIPS Notes- Business- SQE 1
[Show more]
Seller
Follow
Content preview
PARTNERSHIPS-Partnership Act Partnership Agreement
Until terminated. Indefinite – as long as two
What is the duration of the partners are still living – cl 2 and
partnership? S1, S26, S32 17.
Income – equally (cl 8.1)
Equal shares income, no
What share of profits is a
interest on capital.
partner entitled to in relation to: Capital – in proportions in which
- Income they own capital (cl 7.4)
S24(1)
- Capital?
Nearly all decisions made
by majority decision.
How are decisions made in Cl 10.1 deals with decisions to
relation to: Three decisions requiring
be made by unanimous consent.
unanimity:
Includes the 3 decisions set out
- Changing the nature of in PA and sets out 7 further
1) Introducing a new
the partnership; decisions (all finance related).
partner
- A new partner joining;
2) Changing the nature of
- Changing the terms of Others by majority (cl 10.4).
the business
the partnership; and 3) Changing the terms of
- Other day-to-day Individuals have some authority
the partnership
decisions? to make decisions alone (cl
agreement
10.2).
S24(8), S24(7), S19,
S24(8)
No requirement to spend
a particular amount of
Whole time and attention must
How much time must be time.
be devoted to the business.
devoted to the business?
(unless ill, on maternity leave (cl
s24(5) – partners may
12) or on holiday (cl 13).
take part in management.
But no obligation to so do.
Partnership continues if a
partner dies or is bankrupt
provided there are two partners
What happens if a partner: Partnership is dissolved in remaining (cl 17).
- Wants to leave; all three cases
- Dies; or Cl 18 - Can retire on 3 months’
- Is made bankrupt? S26, S32, S33 notice in writing. Notice cannot
be given within the first year
(Each partner’s capital is tied up
in the business for at least 15
months.)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller demidarbey1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77973 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now