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Partnership Act 1891 – 28 May 2012

Partnership Regulation 2015 – 1 July 2016

Summary

A partnership is the relation which subsists between persons carrying on a business in common with a view to profit.

  • Sections 3, 5, 6, 27, Schedule

Usual acts of partners related to the business of the partnership will generally bind the firm and its partners.

  • Sections 3, 8, 10, 11, 60, 84, Schedule

An instrument executed in the firm name is binding on the firm and its partners if executed by a person authorised to bind the firm (whether a partner or not).

  • Sections 9, 104, 105, 106

Every partner is jointly liable with the other partners for all debts and obligations of the firm incurred while a partner.

  • Sections 3, 12, 20, 53, 60, 86, Schedule

Liability for loss or damage caused by a partner may extend to the firm and its partners.

  • Sections 3, 13, 15, 60, 87, Schedule
Reason for law

N/A

Relevant links

Limited liability partnerships [Office of Fair Trading]

Limited liability partnership forms

Media article

Why auctions are a better way to resolve business splits

Critique

N/A

Suggested further reading

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