Partnerships and Limited Partnerships

These flashcards cover fundamental concepts related to partnerships, including definitions, laws, and characteristics relevant for understanding business law.

Partnership

The relation which subsists between persons carrying on a business in common with a view of profit.

Unlimited Partnership

A type of partnership where all partners share unlimited liability for the debts of the business.

Limited Liability Partnership (LLP)

A corporate body with separate legal personality from its members, offering limited liability to its partners.

Partnership Act 1890

Legislation that defines and governs unlimited partnerships.

Elements of Partnership

The four key elements of a partnership definition: relation, persons, carrying on a business, and profit.

Written partnership agreement

While not legally required, this document outlines the terms of a partnership to clarify responsibilities and obligations.

Termination of Partnership

The end of a partnership, which can occur for various reasons like the death of a partner or mutual agreement.

Authority of Partners

The legal power of partners to bind the partnership in agreements, depending on their perceived authority.

Limited Partnership Act 1907

Legislation governing limited partnerships, where at least one partner has unlimited liability.

Dissolution of LLP

The process by which a limited liability partnership is wound up, similar to company winding-up provisions.