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16 Cards in this Set

  • Front
  • Back

PLAN


  1. Sole Trader
  2. Business Names
  3. The Partnership
  4. Forming General Partnership
  5. Legal Nature
  6. Agency Law
  7. Actual Authority
  8. Apparent Authority
  9. Case Law
  10. Ratification
  11. Liability for Tort
  12. Proposals for Reform
  13. Limited Partnership
  14. Limited Liability Partnership
  15. Talking Points

1. Sole Trader

Advantages and Disadvantages

2. Business Names

Wagamama's

3. The Partnership

s1(1) Partnership Act 1890




person, business, profit

4. Forming the GP

s24 - default provisions



Skekel v. Ellise - advisable to make agreement. In some cases intention of partnership is unclear




s2 - sharing profits = partnership

5. Legal Nature

s5 - each partner agent for firm's business

6. Agency Law

s9 - partners joint and severably liable

7. Actual Authority

P gives actual authority to A




Private dealings. Hard for TP to prove

8. Apparent Authority

Basically estopel




External appearance to TP

9. Case Law

Mercantile Credit v. Garrod - apparently authority. Sold care = YES




Coughland - solicitor promoting fraudulent business = NO

10. Ratification

P can ratify contracts - otherwise no enforcement

11. Liability for Tort

Dubai Aluminium - can be liable in tort and equity

12. Proposals for Reform

Joint Report on Partnerships, LC 2003




- Seperate


- Floating charges


- Impact of LLPs?

13. Limited Partnership

Limited Partnership Act 1907




Some reforms




Sleeping partners can limit liability




Not popular

14. LLP

Limited Liability Partnership Act 2000




After lobbying from professional firms re: prof. negligence

15. Talking Points


  • Who's reforms? Finch and Freeman
  • Tax avoidance - avoiding NI until April 2014
  • Although easy and flexible
  • Bad for creditors - Authority and Finances
  • cf. Accidental partnerships?
  • Increases uncertainty and cost