Agenda (United Kingdom Time - GMT)
Business Study-in-Context Sessions
Criminal Study-in-Context Sessions
Civil Study-in-Context Sessions
Wills & Probate Study-in-Context Sessions
Property Study-in-Context Sessions
What are the ways of ending (dissolving) a partnership according to ss. 32-35 Partnership Act 1890?
(1) Unanimous consent.
(2) Power to dissolve in a partnership agreement.
(3) Partner giving notice - if for an undefined term (at will).
(4) Expiration - if for a fixed term.
(5) End of the adventure or undertaking for which it was entered.
(6) The occurrence of an event specified in the Partnership Act (i.e. death or bankruptcy or share charged, or illegality).
(7) A court order.
What is the effect of a partner’s death or retirement on the partnership business?
Automatically dissolves the partnership, unless agreed otherwise.
What will happen if a partner has died or ceased to be a partner and the continuing partners carry on the business without settling accounts between the firm and the outgoing partner or his estate (s.42 Partnership Act 1890)?
In the absence of any contrary agreement, the outgoing partner or his/her estate is entitled, at their option, to:
(1) such share of the profits made attributable to his/her share of the partnership assets; or
(2) interest of 5% per annum on his/her share of the partnership assets.