Q&As

Does the Partnership Act 1890 apply by default if a written partnership agreement has been lost by the partners?

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Published by a ³ÉÈËÓ°Òô Corporate expert
Published on: 27 July 2015
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PA 1890 sets out a number of default provisions that apply in relation to the interests of partners in the partnership property and their rights and duties in relation to the partnership, subject to any agreement express or implied between the partners. The key default provisions are:

  1. •

    all partners are to share equally in the capital and profits and contribute equally to losses (PA 1890, s 24(1))

  2. •

    the partnership must indemnify any partner for payments and liabilities incurred in the ordinary and proper conduct of the partnership’s business

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Jurisdiction(s):
United Kingdom
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