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F4 > Partnership law > Flashcards

Partnership law Flashcards

1
Q

What is the uk definition of a partnership?

A

the relationship which exists between two or more people carrying on business in common with a view to profit

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2
Q

What is meant by, the business must be being ‘‘carried on’’?

A

should be more than 1 one-off transaction and continuing

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3
Q

What legislation covers partnerships?

A

The partnership act 1890

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4
Q

How are profits shared in a partnership?

A

all expenses taken from gross revenue first then profit is divided

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5
Q

who is liable for debts in a partnership>

A

all partners are jointly and severely liable for debts

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6
Q

Who are the agents in a partnership?

A

all partners are

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7
Q

How can partnership liability be voided?

A

if the partner was exceeding his authority, and the other party was aware of this or did not know he was in partnership that sole partner would be liable not the rest of the partners

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8
Q

How are partners formed?

A

by agreement as long as its legal

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9
Q

How are partners amended?

A

as it is formed by agreement its amended by agreement

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10
Q

How are partnerships terminated?

A

by agreement

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11
Q

What is a ‘‘partnership at will’’?

A

partnership with no time period

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12
Q

When partners fail to make arrangements about matters which are later disputed what happens?

A

Partnerships Act 1890 takes over

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13
Q

How is a partnership at will disolved?

A

through notice from a partner

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14
Q

What is shirty conduct?

A

where a partner is persistently in breach of the partnership contract

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15
Q

What are the main features of the Limited Partnerships Act 1907? LPA 1907

A
  • at least one general partner (unlimited liability) and one limited partner (limited liability)
  • must be registered with registrar of companies
  • limited partner cant take part in management
  • if firm becomes bankrupt only general partners are liable
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16
Q

What are the main features of the Limited Liability Partnerships Act 2000? LLPA 2000

A
  • combines advantages of both partnerships and limited liability companies
  • must be registered with registrar of companies
  • must file financial statements and be audited
  • limited liability for firms debts but wrongful and fraudulent trading apply
17
Q

Which international country does not recognize partnerships?

A

French

18
Q

What is the french equivalent of partnerships?

A

a person or group of people are acting for commerce,

19
Q

What is required if acting for commerce in france?

A
  • must maintain accounting records

* record particulars in the ‘‘commercial register’’

20
Q

When two or more people are acting for commerce what are they called?

A

societe

21
Q

What are the two types of Societes?

A
  • societe en nom collectif

* societe en commandite simple

22
Q

What is societe en nom collectif?

A

similar to to traditional uk partnership

23
Q

What is societe en commandite simple

A

similar to limited partnership (one or more person has limited liability)

24
Q

What are the three profit sharing operations that Muslim law recognizes?

A

1) Musharakah
2) Mudaraba
3) Shirkah al-inan

25
Q

What is Musharakah?

A

similar to uk partnerships

  • resources are pooled to invest in ventures
  • decision making is shared
  • profit and loss is shared
26
Q

What is Mudaraba?

A

similar to limited partnerships

  • dormant partner invests and shares profits
  • investment appears as a loan but with no interest
  • return by way of profit is not forbidden
27
Q

What is Shirkah al-inan?

A

similar to traditional partnership

  • participants invest money and share profits
  • partners not liable for debts of other partners
  • can only sue on contracts they entered into themselves
28
Q

Can partnerships secure debts with floating charge?

A

no

F4 (14 decks)

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