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Partnership

Partnership. Essentials of Partnership. Association of two or more persons Agreement Business Sharing of profits Mutual agency . Formation of Partnership. Agreement – oral or written Minor partner Consideration. Registration of Partnership. Information The name of the firm

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Partnership

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  1. Partnership

  2. Essentials of Partnership • Association of two or more persons • Agreement • Business • Sharing of profits • Mutual agency

  3. Formation of Partnership • Agreement – oral or written • Minor partner • Consideration

  4. Registration of Partnership • Information • The name of the firm • The place or principal place of business of the firm • The date when each partner joined the firm • The name in full and permanent addresses of the partners; the duration of the firm

  5. Effects of non-Registration • Suits between partners and firm • Suits between firm and third parties • Third party can sue • Adjustment of amount payable and receivable

  6. Kinds of Partners • Active partner • Sleeping partner • Nominal partner • Partner in profits only • Sub-partner • Partner by holding out • Partner by estoppel • Minor partner

  7. Dissolution of Partners • Without the order of the court • Dissolution by court

  8. Dissolution of Partners • Without the order of the court • By agreement • Compulsory dissolution • On completion of task • By notice of partnership at will

  9. Dissolution of Partners • By the order of the court • Insanity • Misconduct – Gambling, Breach of trust, Refusal to attend or neglect to attend business, taking away of partnership’s books • Persistent breach of agreement • Transfer of interest • Working at loss • Any other ground

  10. Process Dissolution of Partners • Sale of Goodwill • Sharing of deficiency • Application of assets – Garner Vs Murray • Public Notice – On retirement, dissolution, minor partner intention to continue or not • Consequences for not giving public notice

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