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GLOSSARY

Partnership definition

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What does Partnership mean?

A partnership (as defined) formed under the Partnership Act 1890 (PA 1890) and governed by English law is the 'relation that subsists between two or more persons carrying on business in common with a view of profit' and is also referred to as a ‘firm’.

Partnership - Legal Definition

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Managing discussion and shareholders' questions—listed company AGMs—checklist

Managing discussion and shareholders' questions—listed company AGMs—checklist This checklist provides guidance on the questions and discussions at Annual General Meetings (AGMs) of listed public companies and AIM companies. It covers legal aspects, corporate governance best practice and practical guidance, as well as tips for the chair and company secretary in preparing for debate and unexpected events at a company's AGM. The chair of the meeting is responsible for managing discussion at the meeting and must do so in an impartial manner. It is the chair’s role to keep discussion under control and to decide when to close discussion on a particular matter once they consider that it has been debated sufficiently and has enabled a range of views to be heard. When the UK was a member of the EU, Directive 2007/36/EC (the Shareholder Rights Directive) codified the right of shareholders to have questions answered at general meetings. The Directive was implemented in the UK by the Companies (Shareholders' Rights) Regulations 2009 which amended Part 13 of the Companies Act...

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Practical steps following a decision in tax matters—checklist

Practical steps following a decision in tax matters—checklist This Checklist has been written by Anne Redston, Barrister. It is her personal view; she is not authorised to speak for the Tribunals Service or the judiciary. The receipt of an HMRC decision normally starts the clock ticking for appealing to the First-tier Tax Tribunal (FTT). This Checklist may be useful to prevent you overlooking important points at that critical juncture. It considers: • whether you have an appealable decision • the time limits for: ◦ making an appeal, or ◦ accepting or requesting a review of a decision • the HMRC review process and time limits following such a review • some practical points to consider when making an appeal, including the merits of the case and the costs and privacy implications of an appeal, and • the procedural requirements when appealing to the FTT This Checklist is only a summary and does not cover all situations. You may need to take further advice in relation to your client’s...

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Forms of business vehicle—fundamentals

There are many forms of business vehicle and it is important that the most appropriate form of vehicle is chosen to carry on a business; the choice of vehicle may have a bearing on the business’s success or failure.Not every vehicle will suit the needs and demands of a business. Each vehicle has its advantages and disadvantages. The decision as to which vehicle to use to carry on a particular business will be complex and is dependent on various legal, tax and commercial considerations; there may not be a perfect fit.In addition, the vehicle originally chosen to carry on a particular business may not continue to be the right choice for that business as it develops and matures. The vehicle chosen to carry on a business should be kept under periodic review. If the original choice of vehicle to carry on a business becomes unsuitable, an alternative vehicle may take over that business, although a change of vehicle may be costly, depending on the circumstances.This fundamentals note considers the different...

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Execution formalities—partnerships

This Practice Note provides practical guidance on proper execution of simple contracts and deeds for general partnerships. For information relating to execution by limited liability partnerships, see Practice Note: Execution formalities—limited liability partnerships.For information relating to execution by limited partnerships, see Practice Note: Execution formalities—limited partnerships.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Quick viewThe table below provides a brief overview of the execution formalities applicable to partnerships and where related precedent execution clauses can be found. For further information, navigate to the document type using the links in the first column.Document typeCan be made:Document can be executed by:PrecedentsSimple contractsOn behalf of the partnership.The signature of a partner acting under the authority of the partnership, express or implied.Execution clause—partnership—contract.DeedsOn behalf of the partnership.Execution as a deed by all partners.Execution clause—partnership—deed (Option 1).Execution as a deed by one...

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Execution clause—limited partnership—deed

Option 1—deed executed by an individual general partner in the presence of a witness Executed as a deed by [insert name of limited partnership] acting by [insert name of general partner] in the presence of: .................................................[signature of general partner]General Partner .................................................[signature of witness]

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Execution clause (Scotland)—ordinary execution on behalf of a body corporate, by an authorised signatory, board member or the entity’s secretary

Produced in partnership with Pamela Todd, Partner of Harper Macleod LLP

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Dive into our 677 Precedents related to Partnership

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Where spouses separated 15 years ago and subsequently the matrimonial home was transferred into the sole name of the spouse who was the primary carer of the children, with the other spouse retaining a charge registered against the property for 50% of the equity at the time of transfer, would the court still consider the former matrimonial home to be matrimonial property after the date of transfer or would it be a non-matrimonial asset so that any increase in its value would be treated as a post-separation accrual? The parties are now divorced but do not have a financial order.

Where spouses separated 15 years ago and subsequently the matrimonial home was transferred into the sole name of the spouse who was the primary carer of the children, with the other spouse retaining a charge registered against the property for 50% of the equity at the time of transfer, would the court still consider the former matrimonial home to be matrimonial property after the date of transfer or would it be a non-matrimonial asset so that any increase in its value would be treated as a post-separation accrual? The parties are now divorced but do not have a financial order. A matrimonial home (and its contents) will usually be treated as matrimonial property whether it is owned by one spouse or in joint names. The rationale for this is that the matrimonial home has a unique place within the parties’ relationship (Miller v Miller; McFarlane v McFarlane). It has been held that a matrimonial home is matrimonial property whatever its source (S v S (Non-Matrimonial Property: Conduct)), but this may...

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Are property investment arrangements collective investment schemes?

Are property investment arrangements collective investment schemes? This Q&A outlines key issues to bear in mind when considering whether property investment arrangements constitute a collective investment scheme (CIS). What is a CIS and do property investment schemes fall within the definition? A collective investment scheme (CIS) is defined in section 235 of the Financial Services and Markets Act 2000. Broadly speaking, a CIS is any arrangement: • which enables participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property, • where participants do not have day-to-day control over the management of the property, and • where either the contributions and profits or income are pooled, or the property is managed as a whole by or on behalf of the scheme operator, or both. Whether or not a property investment arrangement is a CIS depends on its individual structure and the facts surrounding it. If the arrangement meets the conditions set out below and is not exempt,...

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Question of the week: A deceased individual owned agricultural land in their sole name, which was used for sheep and cattle farming as a sole trader. The deceased was also a partner in a partnership with their spouse, which operated a poultry farming business. The business did not own any land, but its assets included a poultry house situated on part of the agricultural land. The majority of the land was used for the deceased’s sole trader sheep and cattle farming business. There was no formal agreement for the use of the land by the poultry house. Can agricultural property relief be claimed on all the land (including the land with the poultry house) and business property relief on the partnership (including the poultry house)?

This Q&A considers if, a deceased individual owned agricultural land in their sole name, which was used for sheep and cattle farming as a sole trader. The deceased was also a partner in a partnership with their spouse, which operated a poultry farming business. The business did not own any land, but its assets included a poultry house situated on part of the agricultural land. The majority of the land was used for the deceased’s sole trader sheep and cattle farming business. There was no formal agreement for the use of the land by the poultry house. Can APR be claimed on all the land (including the land with the poultry house) and BPR on the partnership (including the poultry house).

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New Practice Note—After-the-event insurance application process for insolvency practitioners

The ��Ӱ�� Restructuring & Insolvency practical guidance team, in partnership with Sanjay Desai, head of litigation risk solutions at Marsh, has published a new Practice Note—‘After-the-Event insurance application process for insolvency practitioners’. This Practice Note discusses the After-the-Event (ATE) insurance application process, the duty of fair presentation, the importance of counsel’s opinion, the due diligence that is carried out by the insurer and the insured’s obligations after ATE insurance is incepted.

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