Partnership Act 1890: Difference between revisions

The Partnership Act 1890
	Parliament of the United Kingdom
Long title	An Act to declare and amend the Law of Partnership
Citation	1890 c39 43 and 54 Vict
Territorial extent	England and Wales; Scotland; Northern Ireland
Dates
Royal assent	14 August 1890
Commencement	1 January 1891
Status: Current legislation
Text of statute as originally enacted
Revised text of statute as amended

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Revision as of 19:45, 16 April 2014

The Partnership Act 1890 (c. 39) is an Act of the Parliament of the United Kingdom which governs the rights and duties of people conducting business in partnership. A partnership is defined in the act as 'the relation which subsists between persons carrying on a business in common with a view of profit.'^[1]

Main provisions

A partnership can arise through conduct, oral agreement, or a written contract known as a partnership agreement. The minimum membership is two and the maximum since 2002 is unlimited. The provisions of the Partnership Act 1890 apply unless expressly or impliedly excluded by agreement of the partners. Each partner is entitled to participate in management, get an equal share of profit, an indemnity in respect of liabilities assumed in the course of business and the right to not be expelled by other partners. A partnership ends on the death of a partner, unless an agreement is made prior to the deaths. A partner is jointly and severally liable for others debts, so there is no limited liability.

Notes

^ Partnership Act 1890 s 1

External links

Text of the Partnership Act 1890 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

[1] Partnership Act 1890 s 1

[1]

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 ==Main provisions==
-A partnership can arise by oral agreement, written document or through conduct. The minimum membership is two and the maximum since 2002 is unlimited. The provisions of the Partnership Act 1890 apply unless expressly or impliedly excluded by agreement of the partners. Each partner is entitled to participate in management, get an equal share of profit, an indemnity in respect of liabilities assumed in the course of business and the right to not be expelled by other partners. A partnership ends on the death of a partner, unless an agreement is made prior to the deaths. A partner is jointly and severally liable for others debts, so there is no limited liability.
+A partnership can arise through conduct, oral agreement, or a written contract known as a partnership agreement. The minimum membership is two and the maximum since 2002 is unlimited. The provisions of the Partnership Act 1890 apply unless expressly or impliedly excluded by agreement of the partners. Each partner is entitled to participate in management, get an equal share of profit, an indemnity in respect of liabilities assumed in the course of business and the right to not be expelled by other partners. A partnership ends on the death of a partner, unless an agreement is made prior to the deaths. A partner is jointly and severally liable for others debts, so there is no limited liability.
 ==See also==