A Digest of the Law of Partnership: Incorporating the Partnership Act, 1890 |
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Common terms and phrases
¹ Lindley A.'s death A.'s estate A.'s separate A.'s share account of profits action afterwards agree agreement amount authority bank Bankruptcy Act Beav becomes bankrupt bill bind the firm carry on business Chap claim clause common common law consent continue the business Court customers debtor deceased partner's dissolution duty entitled estoppel executors existing fact firm-name firm.¹ given goodwill House of Lords Illustrations indorsement interest joint estate judgment jurisdiction L. J. Bky L. J. Ch liable lien Lord Cairns Lord Eldon Lord Justice ment mortgage negotiable instruments nership notice old firm paid partnership articles partnership assets partnership business partnership debts partnership is dissolved partnership property partnership purposes persons premium principle purchaser receive respect rule Scotland Sect separate creditors separate debts separate estate separate property share of profits share profits ship sub-s sub-section surviving partner term tion trustee Vict Worcester City
Popular passages
Page 89 - A conveyance by a partner of his interest in the partnership does not of itself dissolve the partnership, nor. as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration of the partnership business or affairs...
Page 90 - If entered into for a single adventure or undertaking, by the termination of that adventure or undertaking: (c) If entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve the partnership. In...
Page 2 - Formed or incorporated by or in pursuance of any other Act of Parliament or letters patent, or Royal Charter; or (c) A company engaged in working mines within and subject to the jurisdiction of the Stannaries: is not a partnership within the meaning of this Act.
Page 73 - All the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses, whether of capital or otherwise, sustained by the firm.
Page 52 - Provided that where after a partner's death the partnership business is continued in the old firm-name, the continued use of that name or of the deceased partner's name as part thereof shall not of itself make his executors' or administrators* estate or effects liable for any partnership debts contracted after his death.
Page 93 - A partner becomes in any other way incapable of performing his part of the partnership contract, (c) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business, (d) A partner wilfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him, (e) The business of the partnership can...
Page 118 - ... (1) Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with Its capital or assets without any final settlement of accounts as between the firm and the outgoing partner or his estate, then, in the absence of any agreement to the contrary, the outgoing partner or his estate is entitled at the option of himself or his representatives to such share of the profits made since the dissolution as the court...
Page 81 - Where no fixed term has been agreed upon for the duration of the partnership, any partner may determine the partnership at any time on giving notice of his intention so to do to all the other partners.
Page 128 - In paying to each partner rateably what is due from the firm to him for advances as distinguished from capital: 3. In paying to each partner rateably what is due from the firm to him in respect of capital: 4. The ultimate residue, if any, shall be divided among the partners in the proportion in which profits are divisible.
Page 73 - A Partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of five per cent, per annum from the date of the payment or advance.