A partnership is a contract between 2 or more parties who wish to carry on a business as a partnership
Answer
True
False
Question 2
Question
Section [blank_start]1[blank_end] of the [blank_start]Partnership Act[blank_end] [blank_start]1890[blank_end] defines partnerships as "the [blank_start]relation[blank_end] which subsists between [blank_start]persons[blank_end] carrying on a business in common with a view to [blank_start]profit[blank_end]"
Answer
1
2
Partnership Act
1890
1980
1999
relation
relationship
persons
partners
profit
win
Partner Act
Question 3
Question
A written agreement is necessary to set out the agreement between the parties in a partnership
Answer
True
False
Question 4
Question
What will happen when partners fail to agree
Answer
Take them to court
The default provisions of the Partnership Act will apply
Question 5
Question
What do the default provisions state inter alia?
Answer
Each partner shall contribute equally to the partnership capital
Each partner should invest all of their money
Each partner will share equally the profits and losses of the partnership
Each partner is an agent of the business (and of the other partners) for contracts in the ordinary course of business
Each partner is an agent of the partnership (and of the other partners) for contracts in the ordinary course of business
Question 6
Question
If the partnership wishes to trade in a name other than the names of the partners, it must register the name of the partnership with the [blank_start]Register of Business names[blank_end] under the [blank_start]Business Names Act 1985[blank_end] and before the name will be registered, the [blank_start]Registrar[blank_end] requires to be satisfied that the name is not too like an already registered name and does not contain any restricted words such as [blank_start]Bank[blank_end], [blank_start]Pharmaceutical[blank_end], [blank_start]Royal[blank_end] or [blank_start]Insurance[blank_end].