Q&As

Are there any provisions in statute or at common law which determine how payments are made to a person who is retiring as a general partner of a limited partnership established in England?

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Published on LexisPSL on 15/05/2017

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • Are there any provisions in statute or at common law which determine how payments are made to a person who is retiring as a general partner of a limited partnership established in England?

For the purposes of this Q&A, it is assumed that the relevant partnership is a limited partnership established in England under the Limited Partnerships Act 1907 (LPA 1907).

There is a statutory provision providing for the situation where:

  1. a partner in a partnership has died or otherwise ceased to be a partner, resulting in its general dissolution

  2. the business of the dissolved partnership, with its capital or assets, is continued by the remaining former partners, not for the purposes of winding up the affairs of the dissolved partnership or to complete transactions that have begun but are unfinished at the time of the dissolution, but for their benefit, and

  3. there has not been any final settlement of accounts as between the dissolved partnership and the outgoing partner or his estate, so that there is retained within the dissolved partnership all or part of the share of the partnership

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