Punjabi translation. This page is translated from the canonical English version for general information. UK legal terms do not always translate exactly — check the English source for legal decisions and seek professional advice for important matters. The English page is authoritative.
ਸਾਰ
The Partnership Act 1890 provides the default legal framework for partnerships in England & Wales. It defines partnership, sets out the rights and duties of partners, and governs the dissolution of partnerships. Its provisions apply unless varied by agreement between the partners.
ਮੁੱਖ ਨੁਕਤੇ
- Partnership defined as 'the relation which subsists between persons carrying on a business in common with a view of profit' (s.1)
- Every partner is an agent of the firm and the other partners (s.5)
- Partners share profits equally unless agreed otherwise (s.24)
- Partners are jointly liable for the firm's debts (s.9)
- A partner must account for private profits derived from partnership business (s.29)
- Partnership dissolves on notice, death, or bankruptcy of a partner (ss.32–34)
- Partners have a duty of utmost good faith to each other
- Partnership defined — business carried on in common with a view of profit (s.1)
- Partners are agents of the firm and each other (s.5)
- Joint and several liability for firm's obligations
- Default rules — equal sharing of profits and losses, no salary, mutual rights of management
- Good faith — duty of utmost good faith between partners (s.28-30)
- Dissolution by notice, death, or illegality
ਹਿੱਸੇ ਅਤੇ ਧਾਰਾਵਾਂ
ਸੋਧਾਂ ਦਾ ਇਤਿਹਾਸ
2000 — Limited Liability Partnerships Act 2000
Created LLPs as an alternative to traditional partnerships with limited liability.