Partnership Act 1890: Difference between revisions
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===Liability of partners=== |
===Liability of partners=== |
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In England partners are jointly liable for the debts and obligations of the firm whilst he is a partner.<ref>Partnership Act 1890 s 9</ref> Where a partner has died, his estate also becomes severally liable.<ref>Partnership Act 1890 s 9</ref> In Scotland partners are both jointly and severally liable.< |
In England partners are jointly liable for the debts and obligations of the firm whilst he is a partner.<ref>Partnership Act 1890 s 9</ref> Where a partner has died, his estate also becomes severally liable.<ref>Partnership Act 1890 s 9</ref> In Scotland partners are both jointly and severally liable.<ref>Partnership Act 1890 s 9</ref> Where there has been a wrongful act or omission,<ref>Partnership Act 1890 s 10</ref> or a misapplication of money or property in receipt,<ref>Partnership Act 1890 s 11</ref> every partner is jointly and severally liable.<ref>Partnership Act 1890 s 12</ref> |
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==See also== |
==See also== |
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Revision as of 14:36, 11 January 2017
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| 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| Text of statute as originally enacted | |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 | |
The Partnership Act 1890 (c. 39) is an Act of the Parliament of the United Kingdom which governs the rights and duties of people or corporate entities 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 is unlimited since 2002. 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.
Complexities
Liability of partners
In England partners are jointly liable for the debts and obligations of the firm whilst he is a partner.[2] Where a partner has died, his estate also becomes severally liable.[3] In Scotland partners are both jointly and severally liable.[4] Where there has been a wrongful act or omission,[5] or a misapplication of money or property in receipt,[6] every partner is jointly and severally liable.[7]
See also
Notes
External links
- Text of the Partnership Act 1890 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.