Partners in UK Law

Leading Cases
  • Cruickshank and Others v Sutherland and Others (ex parte as to Henry Charles Begg)
    • House of Lords
    • 03 November 1922

    It is not, I think, disputed—and if it were I should be of opinion that it could not successfully be disputed—that a full and general account of the partnership property will be an account at which the property will be brought in at its fair value. The articles are wholly silent as to the principle to be adopted in preparing this full and general account of the property—it remains simply that it must be a proper account of the property, whatever that is.

    My Lords, how could there be a practice and usage uniform and without variation to pay a deceased partner's share on the footing of book values and not of fair values where no partner had died before and no partner had retired before? The only practice that existed—and that only on two occasions, viz., in April 1915 and April 1916—was to prepare the account (when the interest of all the partners was the same) on the footing of book values.

  • Inland Revenue v Graham's Trustees
    • House of Lords
    • 08 December 1970

    But that would deprive this provision of all content, for it is clear that surviving partners have no right to bind the assets of the dissolved firm by making new bargains or contracts. In my view this must mean that the surviving partners have the right and duty to complete all unfinished operations necessary to fulfil contracts of the firm which were still in force when the firm was dissolved.

    But their rights under section 38 are limited by the provision that they may only do so so far as it may be necessary to wind up the affairs of the partnership and, this is the important passage, to complete transactions begun but unfinished at the time of the dissolution, and this is equally true of course of contracts in English law but, as I have said, it is less likely to be necessary to invoke that section.

  • MacKinlay v Arthur Young McClelland Moores & Company
    • House of Lords
    • 23 November 1989

    Every such receipt must, therefore, be brought into account in computing his share of the profits or assets. Equally, of course, any expenditure which he incurs out of his own pocket on behalf of the partnership in the proper performance of his duties as a partner will be brought into account against his co-partners in such computation.

    What he receives out of the partnership funds falls to be brought into account in ascertaining his share of the profits of the firm except in so far he can demonstrate that it represents a payment to him in reimbursement of sums expended by him on partnership purposes in the carrying on of the partnership business or practice — the example was given in the course of argument of the partner travelling to and staying in Edinburgh on the business of the firm — or a payment entirely collateral made to him otherwise than in his capacity as a partner (as in Heastie v. Veitch & Co.

  • Presentaciones Musicales SA v Secunda and Another
    • Court of Appeal (Civil Division)
    • 12 November 1993

    I would suggest that that exception ought to be stated in these terms: that the putative principal will not be allowed to ratify the acts of his assumed agent, if such ratification will affect adversely rights of property in either real or personal property including intellectual property, which have arisen in favour of the third party or others claiming through him since the unauthorised act of the assumed agent.

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Books & Journal Articles
  • Partners, guests or competitors
    • No. 59-4, December 2012
    • Probation Journal
    • 0000
    Recent policy documents have promoted partnership working between criminal justice agencies and third sector organizations (TSOs) as a means to tackle re-offending. However, the...
  • ISIS Equity Partners.
    • No. 2003, December 2003
    • Financial Management (UK)
    • On the move - Brief Article
    ...Andy Gregory has been appointed investment director at ISIS Equity Partners. Gregory, whose background includes positions in corporate finance, acquisition finance, private equity and as financial director on a management buy-out, will be part of a t......
  • Affiliated Partners Page
    • No. 7-1, February 2016
    • Global Policy
  • Affiliated Partners Page
    • No. 7-2, May 2016
    • Global Policy
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Law Firm Commentaries
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  • Result of partnership account and inquiry
    • HM Courts & Tribunals Service court and tribunal forms
    Chancery forms, including claim forms and applications for orders.
    ... ... THE COURT DECLARES ... (1) that as a result of the dealings and transactions between the Claimant and the Defendant as co-partners" from        (date) there is due to the Claimant from the Defendant the sum of £             and there is due to the Claimant £ \xC2" ... ...
  • Order for partnership membership statement (PD7A para 5B)
    • HM Courts & Tribunals Service court and tribunal forms
    King's Bench forms for use in cases such as personal injury, negligence and breach of contract.
    ... ... IT IS ORDERED that: ... 1. the partners in the (party) firm do by (date) provide to the (party) a written statement verified by a statement of truth of the names and last known places of ... ...
  • Order for partnership account and inquiry
    • HM Courts & Tribunals Service court and tribunal forms
    Chancery forms, including claim forms and applications for orders.
    ... ...  (i) An Account of all dealings and transactions between the Claimant and Defendant as co-partners from       (date) ...  (ii) An Inquiry of what the credits, property and effects now belonging to the partnership consists ... ... ...
  • Ask the court to make a non-molestation order or an occupation order
    • HM Courts & Tribunals Service court and tribunal forms
    Family forms including the form to apply for a non-molestation order or an occupation order (Form FL401).
    ... ... application) ... Your relationship to the respondent is: ... (Please tick only one of the following) ... Civil Partners ... Were married ... Former civil partners ... Cohabiting ... Were cohabiting ... Both of you live or have lived in the same ... State how related: ... ...
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