Partners in UK Law
Cruickshank and Others v Sutherland and Others (ex parte as to Henry Charles Begg)
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
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
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
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.
- The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order 2005
- The Reserve Forces (Payments to Employers and Partners) Regulations 2014
- The Marriage Between Civil Partners (Procedure for Change and Fees) (Scotland) Regulations 2014
- The Reserve Forces (Payments to Employers and Partners) (Isle of Man) Regulations 2018
- New Partners (Video)
- New Partners (Video)
- Salaried Partners
Carreras v. United First Partners Research
Mr Carreras habitually worked long hours as an analyst for United First Partners Research, a brokerage firm. This ended when he had a cycling accident and suffered physical symptoms amounting to a ...
......However, partnerships will usually be able to claim benefits on behalf of those of its partners who are residents of the UK. To assist with such claims, HMRC therefore provides a CoR which confirms that whilst the partnership itself is not UK ......
......The additional profits are allocated to the partners in the proportions shown in the partnership agreement. These additional profits give the following qualifying potential lost revenue (PLR) for the ......
...... a notice to a partner, whose tax position is being checked, to check the tax position of more than one other partner in their capacity as partners, see CH23720. The notice you issue is a combined taxpayer (for the recipient partner) and third party notice (for the other partners). SEES Forms ......
.... . . Limited partnerships, constituted under The Limited Partnership Act 1907, consist of general partners and limited partners. General partners are liable for partnership debts. Limited partners are liable only to the extent of the amount they invest on ......