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Summary PARTNERSHIPS Notes- Business- SQE 1
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PARTNERSHIPS Notes- Business- SQE 1
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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.)
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