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Partnerships – New, Retiring, Expulsion, Dissolution - Business Law and Practice

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PARTNERSHIPS

New Partners
9 Partners are jointly and severally liable for the debts of the firm
17(1)

A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he came a partner

Novation agreement – You can agree to have existing debts transferred to a new partner upon them joining
Retirement
9 Partners are jointly and severally liable for the debts of the firm
17(2) A retiring partner does not cease to be liable when leaving the firm for things done while at the firm
17(3) A partner may be discharged of liability by other partners in agreement – the remaining partners indemnify the existing partner
14 Every partner who represents themselves as a partner in a firm is liable as a partner (‘holding out’)
36(1) where a person deals with a firm after a change in its constitution he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change – need to give notice to the clients (could be a new letterhead, or actual contact)
36(2) An advertisement in the London Gazette shall be notice as to persons who have not had dealings with the firm before the date of change – advertise in the London gazette for persons who have not dealt with the firm before
Dissolution of the Partnership (NB: always check the partnership agreement for changes)
32

Partnership will be dissolved if:

  • Fixed term ends

  • Single venture ends

  • If unfixed term (partnership at will s.26(1)), by notice of one of the partners
19 If all the partners agree to terminate the partnership before its date, it will be valid dissolution (as it is considered a variation of the fixed term) but must be in writing
33 A partnership is dissolved on the death or bankruptcy of one of the partners and MAY, at the option of the other partners, be dissolved if one of the partners’ shares is charged
34 Illegality e.g. without a practicing certificate
35 Court order (incapable of performing their part; conduct prejudicially affecting the carrying on of the business; persistently committing breach; making a profit is impossible;...
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