Partnership Act 1890
 | |
| 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| Text of statute as originally enacted | |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 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.
See also
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.