The following Corporate practice note provides comprehensive and up to date legal information covering:
The main body of law governing a general partnership formed under English law (as opposed to a limited liability partnership, limited partnership or a partnership incorporated under Scottish law) is the Partnership Act 1890 (PA 1890), which has survived largely intact for over a hundred years. However, it is not a complete code of partnership law and expressly preserves the rules of equity and common law applicable to partnerships, except where they are inconsistent with the express provisions of the PA 1890.
There will often be a written agreement between the partners setting out the rights and duties of the partners between themselves although this is not obligatory (see Practice Note: General partnership agreements). The PA 1890 sets out a number of provisions that will apply if no specific agreement is entered into. These default provisions, or any provision in a written agreement, may be varied by the consent of all the partners and such consent may be either express or inferred from a course of dealing.
Other legislation affecting partnerships includes the Companies Act 2006, which regulates partnership names and trading disclosures (see Practice Note: Forming a general partnership and continuing obligations), and the Insolvency Act 1986 which is applied to partnerships with modifications set out in the Insolvent Partnerships Order 1994, SI 1994/2421.
A partnership is not a legal entity
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.