Traditional Partnerships

RiskFreeTaiga avatar
By RiskFreeTaiga

Quiz

Flashcards

30 Questions

According to the Partnership Act 1890, a traditional partnership is defined as a relationship between persons carrying on a business in common with a view to making a profit.

Is a partnership a legal entity separate from the partners themselves?

Can a company be a partner in a traditional partnership?

Does the Partnership Act 1890 require any formality for the establishment of a traditional partnership?

Can a partnership arise without any intention on the part of the parties to be or form a partnership?

What are limited liability partnerships referred to as?

How many persons are required to form a partnership according to the Partnership Act 1890?

Which legislation governs partnerships in the UK?

What is a potential reason why clients ask for help to avoid creating a partnership?

What is a key advantage of partnerships over companies?

What is the nature of partners' liability in relation to contractual debts and obligations of the firm?

What is the nature of partners' liability in tort?

Under what circumstances can a former partner become liable for partnership debts incurred after they have left?

What is the overriding duty of partners to one another in a partnership?

Under what circumstances may a non-partner be personally liable on a partnership debt?

Which party's state of mind is relevant for the liability of a non-partner on a partnership debt under section 14 of the Partnership Act 1890?

Which law applies to determine if a partnership is bound by a contract made by an individual acting on its behalf?

When can a partner bind the firm against the wishes of other partners?

In what circumstances will a partner's unauthorised act bind the firm according to section 5 of the Partnership Act 1890?

When will the firm not be bound by a partner's unauthorised act according to section 5 of the Partnership Act 1890?

What is the purpose of section 5 of the Partnership Act 1890?

Which of the following statements about apparent authority in a partnership is true?

Which of the following is true about the taxation of partnerships?

What is the liability of partners in a partnership for the tax on other partners' shares of partnership profits?

When does s 5 PA 1890 apply in determining whether a firm is bound by a contract?

Which of the following accurately describes the liability of partners in a partnership in tort?

What is the basis for determining a partner's fractional share of a capital asset in a partnership?

What is the significance of conducting business through a partnership in terms of confidentiality?

Which of the following is NOT a requirement for the formation of a partnership?

How are partnerships treated for tax purposes?

Description

Test your knowledge on the liability of non-partners in partnerships with this quiz. Learn about the circumstances in which a non-partner may be personally liable for partnership debts if they have held themselves out as a partner.

Make Your Own Quiz

Transform your notes into a shareable quiz, with AI.

Get started for free

More Quizzes Like This

Features of Indian Partnership Act 1932
1 questions
LLP Act
10 questions
LLP Act
ThriftyConnemara9445 avatar
ThriftyConnemara9445