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.
MacKinlay v Arthur Young McClelland Moores & Company
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.
Inland Revenue v Graham's Trustees
What is meant by transactions begun but unfinished when the partnership was dissolved? If the common law had been clearly settled before 1890, I would interpret this section in light of the earlier law. But it appears that there was then little authority on this matter. So this section should if possible be construed so as to reach a reasonable result.
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.
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.
Francesca Drake v Jack Harvey (Deceased)) and Others
It is possible that the farmland could be sold and leased back to the surviving partner but, unless the partnership deed enables or requires a fair value to be taken for the farmland, there is nothing to suggest that the partners intended the surviving partner to take the risk that in the event finance was not available at reasonable cost.
- 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
Take your partners
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