PARTNERSHIP

PARTNERSHIP

1. Definition S1 Partnership Act 1890

   • persons carrying on a business in common with a view of profit
     • Contractual arrangement
   • Presumption of equal sharing of profits S24

2. Creation

   • Formal partnership agreement
     • Can contract out of the PA1890 by express agreement
   • Implied by conduct
     • Profit sharing s2(3)
     • Working together for a common purpose

3. Dissolution

   • Expiration of fixed term s32(a)
   • Termination of adventure or undertaking s32(b)
   • By notice s32(c)
   • Death or Bankruptcy s33(a)
   • Illegality s34
   • By the court on application by a partner s35
     • Other partner unable to perform contract s35(b)
     • Conduct of other partner prejudicial to business s35(c)
     • Breach of partnership agreement s35(d)
     • Business making loss s35(e)
     • Other circs court decides s35 (f)
   • Retirement s26

4. Alteration

   • Adding a partner requires unanimity of existing partners s24(7)