| Preface |
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v | |
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xxiii | |
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PART ONE THE NATURE OF PARTNERSHIP |
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1 Origin of the Law of Partnership |
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1 | (3) |
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2 The Partnership Act 1890 |
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4 | |
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2 Definition of Partnership |
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1 The Definition in the Partnership Act 1890 |
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1 | (18) |
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2 | (4) |
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B Two or More Persons Carrying on A Business in Common |
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6 | (2) |
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C "With a View of Profit" |
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8 | (4) |
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D A Fourth Condition: Division of Profits? |
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12 | (2) |
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E The Normal Incidents of Partnership |
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14 | (5) |
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2 Contemplated Partnerships |
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19 | (13) |
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(a) Application of the Principle: Ordinary Partnerships Share not yet taken |
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22 | (6) |
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(b) Application of the Principle: Promoters of Companies |
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28 | (3) |
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(c) Application of the Principle: Limited Liability Partnerships |
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31 | (1) |
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3 Associations not Governed by the Partnership Act 1890 |
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32 | (16) |
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48 | |
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3 General Nature of a Partnership |
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1 The Commercial and Legal Views |
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1 | (7) |
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2 Status of Firm in Specific Contexts |
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8 | |
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8 | (29) |
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37 | (1) |
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(c) Contractual Rights and Liabilities |
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38 | (5) |
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(d) Partnership Disabilities |
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43 | (3) |
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(e) Sureties and Securities |
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46 | (7) |
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53 | (1) |
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(g) Other Statutory Interference |
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54 | |
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1 | (27) |
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3 | (4) |
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7 | (6) |
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(c) Persons Suffering from Mental Incapacity |
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13 | (2) |
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(d) Spouses and Civil Partners |
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15 | (5) |
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20 | (2) |
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(f) Bankrupts and Disqualified Persons |
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22 | (3) |
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(g) Trustees, Personal Representatives, Nominees and Agents |
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25 | (2) |
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27 | (1) |
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2 No Restrictions on the Size of Partnerships |
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28 | |
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5 Rules for Ascertaining the Existence of a Partnership |
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1 | (6) |
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7 | (5) |
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12 | (5) |
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17 | (18) |
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(a) Sharing Profits as Evidence of Partnership |
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18 | (10) |
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(b) Sharing Profits as a Ground of Liability |
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28 | (7) |
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5 Partnership by Estoppel |
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35 | (33) |
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36 | (5) |
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41 | (3) |
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44 | (24) |
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6 General and Particular Partnerships |
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68 | (2) |
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70 | |
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6 Consideration for a Contract of Partnership |
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1 | (1) |
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7 Evidence By Which a Partnership May Be Proved |
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1 | (1) |
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2 Partnerships Involving Land |
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2 | (9) |
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11 | |
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(a) What has to be Proved |
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13 | (1) |
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(b) How is it to be Proved |
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14 | |
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1 General Grounds of Potential Illegality |
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5 | (1) |
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5 | (3) |
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8 | (1) |
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9 | (26) |
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(1) Discrimination by firms |
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10 | (7) |
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(2) The protected characteristics |
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17 | (14) |
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31 | (2) |
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33 | (1) |
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34 | (1) |
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2 Statutory grounds of Potential illegality |
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35 | (30) |
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3 Consequences of Illegality |
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65 | |
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9 Duration of Partnership |
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7 | (3) |
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10 | |
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PART TWO FORMATION OF A PARTNERSHIP BY FORMAL AGREEMENT |
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10 Partnership Agreements |
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2 | (1) |
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1 Construction and Application of Partnership Agreements |
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2 | (28) |
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A Agreement Construed in the Factual Matrix |
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3 | (2) |
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B Agreement Construed by Reference to the Partners' Objectives |
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5 | (2) |
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C Words and Documents Given their Natural and Ordinary Meaning |
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7 | (4) |
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D Agreement Construed so as to Defeat Fraud |
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11 | (1) |
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E Agreement Construed so as to Avoid Unfairness and Exploitation |
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12 | (1) |
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F Agreement not Exhaustive |
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13 | (1) |
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G Terms Implied to Give the Agreement Business Efficacy |
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14 | (1) |
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H Terms Varied by Express or Implied Agreement |
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15 | (7) |
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I Agreement Presumed to Apply after Expiration of Fixed Term |
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22 | (8) |
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2 Statutory Interference with Contractual Rights |
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30 | (3) |
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3 Usual Clauses Found in a Partnership Agreement |
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33 | (295) |
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36 | |
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30 | (10) |
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40 | (4) |
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44 | (2) |
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46 | (2) |
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48 | (1) |
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49 | (3) |
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52 | (9) |
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I Income and Liabilities Derived from Previous Business |
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61 | (2) |
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63 | (9) |
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K Bankers of the Partnership |
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72 | (3) |
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75 | (9) |
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84 | (16) |
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N Powers and Duties of Partners |
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100 | (16) |
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116 | (6) |
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122 | (1) |
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122 | (4) |
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(b) Compulsory retirement on grounds of age |
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126 | (1) |
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127 | (1) |
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128 | (25) |
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(b) Powers of Compulsory Retirement, etc. |
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153 | (4) |
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(c) Acquisition of Expelled/Retired Partner's Share |
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157 | (1) |
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158 | (1) |
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158 | (3) |
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(b) Power to Dissolve for Cause |
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161 | (6) |
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S Garden Leave and Related Matters |
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167 | (5) |
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T The Outgoing Partner's Financial Entitlement |
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172 | (1) |
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(a) Manner of Acquisition |
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173 | (4) |
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(b) Option to Acquire Outgoing Partner's Share |
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177 | (3) |
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(c) Quantifying the Amount due to the Outgoing Partner |
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180 | (2) |
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182 | (1) |
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183 | (2) |
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(3) Book or Balance Sheet Value |
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185 | (3) |
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(i) Reliance on the last signed annual accounts |
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188 | (5) |
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(ii) Reliance on the annual accounts for the current accounting period |
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193 | (1) |
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(iii) Where the agreement is not specific in its terms |
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194 | (10) |
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(4) Revaluation of Assets |
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204 | (4) |
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(d) Payment of Outgoing Partner's Entitlement |
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208 | (2) |
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(e) Annuities to Outgoing Partners, Widow(er)s, etc. |
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210 | (12) |
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U Goodwill and Restrictions on Competition |
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222 | (1) |
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(a) Meaning of "Goodwill" |
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223 | (4) |
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(b) Ownership of Goodwill |
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227 | (2) |
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229 | (4) |
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233 | (1) |
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(iii) Retirement or expulsion of partner |
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234 | (11) |
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(c) Valuation of Goodwill |
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245 | (5) |
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(d) Restrictions on Competition |
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250 | (4) |
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(1) Reasonableness in the Interests of the Parties |
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254 | (9) |
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(2) Reasonableness in the Interests of the Public |
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263 | (18) |
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V Provisions Consequential on the Death, Retirement or Expulsion of a Partner |
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281 | (1) |
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(a) Assignment of Outgoing Partner's Share, etc. |
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281 | (4) |
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(b) Indemnity to Outgoing Partner |
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285 | (3) |
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(c) Gazette Notices, etc. |
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288 | (1) |
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289 | (1) |
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290 | (2) |
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(f) Procurement of release from personal obligations |
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292 | (1) |
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W Admission of New Partners |
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293 | (7) |
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300 | (7) |
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Y Arbitration, Alternative Dispute Resolution and Expert Determination |
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307 | (1) |
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307 | (18) |
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(b) Alternative Dispute Resolution |
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325 | (1) |
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326 | (1) |
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Z Penalties and Liquidated Damages |
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327 | (1) |
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4 Limited Liability Partnership Agreements |
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328 | (3) |
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5 Other Partnership Documentation |
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331 | |
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11 Corporate and Group Partnerships |
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1 The Corporate Partnership |
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2 | (16) |
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18 | |
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PART THREE THE RIGHTS AND OBLIGATIONS OF PARTNERS AS REGARDS THIRD PARTIES |
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12 The Liability of a Partner for the Acts of His Co-Partners |
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1 | (33) |
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2 Liability for Acts which are not in Themselves Wrongful |
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34 | (54) |
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3 Liability of Partners in Respect of Torts, Frauds and Other Wrongs |
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88 | (16) |
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92 | (3) |
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(b) Frauds and Fraudulent Representations |
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95 | (8) |
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103 | (1) |
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4 Liability of Partners for Misapplication of Money and Property |
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104 | (24) |
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5 Liability of Partners for Breaches of Trust |
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128 | (11) |
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6 Liability of Partners for Acts Known to be Unauthorised |
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139 | (10) |
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7 Liability of Partners in Respect of Contracts in Improper Form |
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149 | (27) |
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(a) Written and Oral Contracts |
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152 | (6) |
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158 | (4) |
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(c) Bills of Exchange and Promissory Notes |
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162 | (1) |
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(1) Bills of Exchange Drawn, etc., in the Firm Name |
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163 | (7) |
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(2) Bills Drawn, etc., in Improper Form |
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170 | (5) |
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175 | (1) |
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8 Liability of Partners in Respect of Contracts Benefiting Firm |
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176 | |
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13 The Nature and Duration of a Partner's Liability to Third Parties |
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1 Nature and Extent of the Liability |
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1 | (15) |
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A Liability for Acts which are not in Themselves Wrongful |
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2 | (10) |
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B Liability in Respect of Torts, Frauds and Other Wrongs and Misapplication of Money and Property |
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12 | (1) |
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C Liability in Respect of Breach of Trust |
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13 | (1) |
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D Extent of Liability in All Cases |
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14 | (2) |
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16 | |
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17 | (13) |
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30 | (11) |
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41 | (6) |
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47 | (3) |
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50 | (3) |
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53 | (4) |
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57 | (19) |
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76 | (5) |
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C Termination of Accrued Liability |
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81 | (3) |
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(a) Dealings and Transactions Terminating Accrued Liability |
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84 | (1) |
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(1) Payment and Appropriation of Payments |
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85 | (12) |
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(2) Release and Discharge |
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97 | (6) |
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(3) Substitution of debtors and securities |
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103 | (1) |
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(A) Substitution by Agreement |
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104 | (8) |
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Group 1(a) Outgoing partner not discharged; no new partner introduced |
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112 | (6) |
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Group 1(b) Outgoing partner not discharged; one or more partners introduced |
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118 | (3) |
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Group 2 Outgoing partner discharged |
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121 | (4) |
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Group 3 Discharge of estate of deceased partner |
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125 | (4) |
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(B) Merger and Judgment Recovered |
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129 | (7) |
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136 | |
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14 Actions by and Against Partners |
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5 | |
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1 Parties to Actions and Related Matters |
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5 | (66) |
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6 | (20) |
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B Parties where Firm Unchanged |
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26 | (1) |
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26 | (1) |
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27 | (1) |
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(a) Written and Oral Contracts |
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28 | (5) |
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33 | (3) |
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(c) Bills of Exchange and Promissory Notes |
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36 | (3) |
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39 | (3) |
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Actions in Respect of Land |
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42 | (1) |
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(2) Actions against the Firm |
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43 | (1) |
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44 | (5) |
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49 | (1) |
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50 | (2) |
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C Parties where Change in Firm has Occurred |
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52 | (13) |
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D Conduct of One Partner Affecting Firm's Rights |
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65 | (6) |
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2 Authority of Partners in Legal Proceedings |
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71 | (9) |
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80 | (12) |
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4 Execution Against Partners |
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92 | |
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(a) Judgment in Firm Name |
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92 | (10) |
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102 | (2) |
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(c) Execution in Respect of Separate Debts |
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104 | (2) |
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(d) Order for Possession of Land |
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106 | |
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PART FOUR THE RIGHTS AND OBLIGATIONS OF PARTNERS BETWEEN THEMSELVES |
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15 Management and Decision-Making |
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1 | (1) |
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16 The Duty of Good Faith |
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1 | (16) |
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2 The Obligation of Partners not to Benefit Themselves at the Expense of their Co-partners |
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17 | |
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1 | (5) |
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6 | (19) |
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25 | (21) |
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3 Assets Transferred Into or Out of Partnership |
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46 | (17) |
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4 Legal Title to Partnership Property |
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63 | |
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1 The Nature of a Partnership Share |
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1 | (14) |
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2 The Size of Each Partner's Share |
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15 | (9) |
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3 The Partner's Lien and Its Consequences |
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24 | (13) |
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4 Execution against Share for Partner's Separate Debts |
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37 | (12) |
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5 The Transfer of a Share |
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49 | |
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20 The Financial Rights and Duties of a Partner |
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1 Debts, Liabilities and Losses |
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4 | (22) |
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26 | (7) |
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33 | (10) |
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4 Remuneration for Services Rendered to Firm |
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43 | |
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21 Ascertainment and Division of Profits |
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1 | (1) |
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1 Manner in Which Books and Accounts Should be Kept |
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2 | (10) |
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2 The Right of Access to Books and Accounts |
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12 | |
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23 Actions Between Partners |
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1 | (3) |
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4 | (11) |
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3 Cases in Which the Court Will Not Interfere Between Partners |
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15 | (17) |
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Rule 1 The court will not interfere otherwise than with a view to dissolution |
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16 | (1) |
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Rule 2 The court will not interfere in matters of internal regulation |
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17 | (2) |
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Rule 3 The court will not interfere at the instance of partner guilty of laches or acquiescence |
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19 | (13) |
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4 Limitation as Between Partners |
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32 | (13) |
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5 Actions for Specific Performance |
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45 | (4) |
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6 Actions for Fraud and Misrepresentation |
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49 | (20) |
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50 | (2) |
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52 | (17) |
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7 Relief Commonly Sought Between Partners |
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69 | (145) |
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A Accounts, Inquiries and Production of Documents |
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74 | (1) |
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(a) The right to an account, inquiries and production of documents |
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75 | (1) |
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(1) Accounts and inquiries |
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75 | (22) |
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(2) Production of documents, etc. |
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97 | (10) |
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(b) Defences to an action for an account |
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107 | (1) |
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(i) Denial of alleged partnership |
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108 | (2) |
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110 | (6) |
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116 | (1) |
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(iv) Accord and satisfaction |
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117 | (1) |
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118 | (1) |
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119 | (1) |
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(c) Judgments for a partnership account |
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120 | (17) |
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137 | (20) |
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157 | (8) |
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165 | (1) |
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(b) As between partners and non-partners |
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166 | (2) |
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(1) Breach of dissolution agreement |
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168 | (1) |
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(2) Misconduct plus jeopardy to assets |
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169 | (4) |
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173 | (1) |
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174 | (14) |
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D Orders for the Sale of Partnership Property |
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188 | (25) |
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E Declarations and Ancillary Relief |
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213 | (1) |
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214 | (8) |
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9 Execution Between Partners |
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222 | |
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PART FIVE DISSOLUTION AND WINDING-UP |
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24 Dissolution and Its Causes |
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1 | (20) |
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2 Dissolution Otherwise than by the Court |
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21 | (34) |
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A Expiration of Term, etc. |
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21 | (3) |
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24 | (12) |
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C Death and Bankruptcy, etc. |
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36 | (9) |
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D Charging Order on a Partner's Share |
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45 | (4) |
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49 | (4) |
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53 | (2) |
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3 Dissolution by the Court |
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55 | (48) |
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A Statutes under which a Partnership may be Dissolved |
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55 | (6) |
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B Jurisdiction to Dissolve a Partnership |
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61 | (6) |
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67 | (3) |
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D Grounds for Dissolution |
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70 | (2) |
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72 | (5) |
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77 | (4) |
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(c) Conduct Injurious to the Partnership Business |
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81 | (7) |
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(d) Breach of Agreement and Destruction of Mutual Confidence |
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88 | (8) |
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(e) Partnership Business Carried on at a Loss |
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96 | (2) |
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(f) The Just and Equitable Ground |
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98 | (3) |
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101 | (2) |
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103 | (1) |
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104 | (5) |
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109 | |
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25 Winding Up the Partnership Affairs |
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1 Consequences of Dissolution |
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2 | (7) |
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9 | (15) |
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A Partnership Induced by Fraud |
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10 | (1) |
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11 | (1) |
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C Partnership for a Fixed Term |
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12 | (8) |
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D Amount of Premium Returnable |
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20 | (4) |
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3 The Treatment of Post-Dissolution Profits |
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24 | (22) |
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4 Distribution of Assets and Adjustment of Accounts |
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46 | (10) |
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5 Summary of Winding Up Principles |
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56 | |
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A Principles which Apply as Regards Creditors |
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56 | (1) |
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B Principles which Apply as Between the Partners |
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57 | |
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1 The Surviving Partners and Personal Representatives of the Deceased Partner |
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2 | (9) |
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2 The Creditors of the Partnership |
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11 | (19) |
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A Debts Incurred Prior to a Partner's Death |
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11 | (10) |
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B Debts Incurred after a Partner's Death |
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21 | (9) |
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3 The Separate Creditors, Legatees, Etc., of the Deceased |
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30 | |
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31 | (7) |
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B Deceased Partner's Share Left in Business |
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38 | (7) |
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C Specific Bequests of Partnership Shares |
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45 | |
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1 | (3) |
|
2 Insolvency Involving the Winding Up of the Firm as an Unregistered Company |
|
|
4 | (39) |
|
A Winding Up Order against Firm without Concurrent Petitions |
|
|
6 | (18) |
|
B Winding Up Order against Firm with Concurrent Petitions against the Partners |
|
|
24 | (19) |
|
3 Insolvency not Involving Winding Up the Firm as an Unregistered Company |
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|
43 | (10) |
|
4 Appointment of Liquidators and Trustees |
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53 | (7) |
|
5 Status and Duties of the Partners in the Winding Up of a Firm |
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60 | (9) |
|
6 Share of an Insolvent Partner when Firm not Wound Up |
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|
69 | (6) |
|
7 Setoff and Mutual Credit |
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|
75 | (5) |
|
8 Administration of the Estates of Insolvent Firms and Partners |
|
|
80 | (74) |
|
(a) Joint and separate debts |
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|
90 | (10) |
|
(b) Joint and separate estates |
|
|
100 | (11) |
|
A Proof against the Joint Estate |
|
|
111 | (1) |
|
(a) Rights of the joint creditors |
|
|
112 | (3) |
|
(b) Rights of the partners |
|
|
115 | (4) |
|
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|
119 | (1) |
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|
120 | (3) |
|
(iii) Discharge of bankrupt partner |
|
|
123 | (2) |
|
(c) Rights of separate creditors |
|
|
125 | (2) |
|
B Proof against the Separate Estates |
|
|
127 | (1) |
|
(a) Rights of separate creditors |
|
|
128 | (2) |
|
(b) Rights of joint creditors |
|
|
130 | (2) |
|
|
|
132 | (4) |
|
|
|
136 | (1) |
|
|
|
137 | (1) |
|
(iv) Petitioning creditor |
|
|
138 | (1) |
|
(c) Rights of the partners |
|
|
139 | (2) |
|
(i) Joint creditors not prejudiced |
|
|
141 | (4) |
|
|
|
145 | (1) |
|
|
|
146 | (3) |
|
C Proof against Both Joint and Separate Estates |
|
|
149 | (5) |
|
9 Voluntary Arrangements with Creditors |
|
|
154 | (9) |
|
101 Partnership Administration Orders |
|
|
163 | |
|
PART SIX LIMITED PARTNERSHIPS |
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|
|
1 | (1) |
|
29 Nature, Formation, Duration and Registration of Limited Partnerships |
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|
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1 Types of Limited Partnership |
|
|
2 | (5) |
|
2 Nature, Formation and Duration |
|
|
7 | (14) |
|
3 Limited Partnerships and the Financial Services and Markets Act 2000 |
|
|
21 | (4) |
|
4 Registration and Designation of Limited Partnerships |
|
|
25 | |
|
30 The Rights and Obligations of the Partners As Regards Third Parties |
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|
|
1 The Authority of Partners to Bind the Firm |
|
|
1 | (7) |
|
2 The Liability of Partners for the Debts and Obligations of the Firm |
|
|
8 | (22) |
|
|
|
8 | (3) |
|
|
|
11 | (1) |
|
(a) Extent and Duration of Liability |
|
|
11 | (15) |
|
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|
26 | (4) |
|
3 Actions By And Against Partners |
|
|
30 | |
|
31 The Rights and Obligations of the Partners Between Themselves |
|
|
|
1 The Management of the Partnership Business |
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|
2 | (6) |
|
2 The Capital of Limited Partnerships |
|
|
8 | (7) |
|
3 Shares in Limited Partnerships |
|
|
15 | (5) |
|
4 Changes in Limited Partnerships |
|
|
20 | (4) |
|
|
|
24 | |
|
32 Dissolution and Winding Up |
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|
|
1 Dissolution Otherwise than by the Court |
|
|
2 | (5) |
|
2 Dissolution by the Court |
|
|
7 | (8) |
|
A Jurisdiction to Dissolve a Limited Partnership |
|
|
7 | (4) |
|
B Grounds for Dissolution by the Court |
|
|
11 | (4) |
|
|
|
15 | |
|
|
|
|
1 Application of Insolvency Laws to Limited Partnerships |
|
|
1 | (4) |
|
2 Petitions by and against Limited Partners |
|
|
5 | (2) |
|
3 Administration of Insolvent Partners' Estates |
|
|
7 | |
|
|
|
|
|
|
|
|
|
1 | (2) |
|
2 Tax Treatment of Partnerships |
|
|
3 | (15) |
|
|
|
18 | (20) |
|
4 Commencement, Cessation and Continuance |
|
|
38 | (13) |
|
5 Capital Allowances and Losses |
|
|
51 | (11) |
|
6 Partnerships with Corporate Members |
|
|
62 | (7) |
|
7 Resident and Non-resident Partners |
|
|
69 | (5) |
|
8 Payments to Outgoing Partners and their Dependants |
|
|
74 | (5) |
|
|
|
79 | |
|
|
|
|
|
|
1 | (2) |
|
2 Disposals of Assets or of Shares therein |
|
|
3 | (25) |
|
A Disposals on the Contribution of Assets to a Partnership |
|
|
4 | (2) |
|
B Disposals of Partnership Assets to Third Parties |
|
|
6 | (5) |
|
C Disposals of Partnership Shares |
|
|
11 | (14) |
|
D Distribution of Partnership Assets amongst Partners |
|
|
25 | (3) |
|
3 Administration and Computation |
|
|
28 | |
|
|
|
|
|
|
1 | (5) |
|
|
|
6 | (12) |
|
|
|
18 | (36) |
|
A Formation of a Partnership |
|
|
19 | (19) |
|
B Continuation of a Partnership |
|
|
38 | (3) |
|
C The Retirement of a Partner |
|
|
41 | (5) |
|
|
|
46 | (7) |
|
E Dissolution of a Partnership |
|
|
53 | (1) |
|
|
|
54 | (4) |
|
5 Valuation and Administration |
|
|
58 | |
|
|
|
|
|
|
1 | (16) |
|
|
|
17 | (14) |
|
|
|
31 | |
|
|
|
|
|
|
1 | (11) |
|
2 Acquisitions of Partnership Land or of Shares therein |
|
|
12 | |
|
A Contribution of Land to a Partnership |
|
|
13 | (2) |
|
B Acquisitions of Partnership Land from Third Parties |
|
|
15 | (1) |
|
C Acquisitions of Partnership Shares |
|
|
16 | (9) |
|
D Distribution of Partnership Land amongst the Partners |
|
|
25 | |
|
|
|
|
|
|
1 | (1) |
|
|
|
1 | (1) |
|
Limited Partnerships Act 1907 |
|
|
1 | (1) |
|
The Limited Partnerships (Forms) Rules 2009 |
|
|
1 | (1) |
|
|
|
1 | (1) |
|
Hmrc Statements Of Practice And Other Materials |
|
|
|
|
|
1 | (3) |
|
|
|
4 | (20) |
|
|
|
24 | (1) |
|
|
|
25 | (1388) |
| Index |
|
1413 | |