- 5 Marks
BCL – Nov 2024 – L1 – Q5b – Registrar’s Power to Refuse Firm Registration
Circumstances under which the Registrar of Companies may refuse to register a firm or partnership.
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Question Tag: Partnership Law
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- 6 Marks
BL – Nov 2020 – L1 – SB – Q1c – Partnership Law
Assess the impact of government regulation, partner's death, and a new investor's involvement on a partnership.
Question
Ade and Tola entered into a partnership for the sole purpose of importing cars with an engine capacity of 6-horsepower. The government has just passed a law banning the importation of cars of more than 4-horsepower. Recently, one of the partners in the firm died after the registration of the partnership. The surviving partner intends to introduce a rich man who is interested only in investing his money in the business of the firm but not in its management.
Required:
Examine the effects of the following on the partnership:
i. The law passed by the government.
ii. The death of one of the partners immediately after the registration of the firm.
iii. The status of the new partner who is interested only in investing his money in the business of the firm and not in the management.
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- 6 Marks
BL – Nov 2020 – L1 – SB – Q1b – Partnership Law
Define a partnership deed and list essential items it must contain.
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- Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
- Level: Level 1
- Topic: Partnership Law
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- 1 Marks
BL – May 2013 – L1 – SA – Q9 – Partnership Law
This question tests knowledge of the applicability of the English Partnership Act (1890) in Nigerian states.
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- 15 Marks
BL – May 2014 – L1 – SB – Q4 – Partnership Law
Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.
Question
a. “Every company must, by law, have a Secretary. A company may also serve as a Secretary to another company. However, a sole director may not be the Secretary of a company. The Company Secretary is the Chief Administrative Officer of the company”.
Required: State FIVE duties of a Company Secretary. (5 Marks)
b. At common law, a Secretary was regarded as a mere servant who should do what he was told to do and could NOT bind the company in any way. This notion has since been corrected by the Companies and Allied Matters Act CAP C20 LFN 2004.
Required: State FIVE persons qualified to be appointed as Company Secretary of a public company under the Companies and Allied Matters Act. (5 Marks)
c. Partnership contract is based on confidence, good faith, and trust between the partners.
Required: Explain TWO circumstances in which a non-partner could benefit from the profits of a partnership. (5 Marks)
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- 5 Marks
BL – Nov 2013 – L1 – SB – Q5c – Partnership Law
Advising partners on the liability for partnership debts.
Question
Yaya and Omegie contributed money to do business together and they both invited Obi to join them in the business. The firm traded for four years without making a profit but incurred a huge debt of N45,000,000. Yaya wants to leave the business and the debts to Omegie and Obi to pay.
You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)
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- Tags: Debt Obligation, Joint Liability, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
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- 5 Marks
BL – Nov 2013 – L1 – SB – Q5b – Partnership Law
Stating five implied authorities of partners under the law of partnership.
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- Tags: Business Authority, Implied Authority, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
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- 1 Marks
BL – Nov 2013 – L1 – SA – Q15 – Partnership Law
Identifies the membership limit for a partnership in accountancy practice.
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- Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
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- 1 Marks
BL – May 2022 – L1 – SA – Q17 – Partnership Law
Identify the attribute of a limited liability partnership (LLP).
Question
Which of the following is an attribute of a limited liability partnership (LLP)?
A. Minimum membership of three
B. For finance business only
C. Minimum capitalisation of ₦10,000
D. Perpetual succession
E. Dissolution on death of designated partner
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- Tags: Limited Liability Partnership, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2022
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- 1 Marks
BL – May 2022 – L1 – SA – Q4 – Partnership Law
Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.
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- Tags: Legal Membership, Partnership Law, Sole Proprietorship
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2022
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- 1 Marks
BL – May 2021 – L1 – SA – Q4 – Partnership Law
Identifying the condition that revokes the power of a partner to bind the firm.
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- Tags: Dissolution, Firm, Partnership, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2021
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- 6 Marks
BL – Nov 2019 – L1 – SB – Q1b – Partnership Law
Advising on the legal issues of partner liability in a firm suffering loss, and a partner's move for dissolution.
Question
b. Wonderland Enterprises is a firm of four partners, trading in motor vehicle batteries. Mr. Bright was appointed the Managing Partner, while two other partners were appointed Finance Manager and Sales Manager, respectively. The remaining partner, Mr. Blake, did not take part in the firm’s management, but he contributed N2 million to the business just as each of the other partners did.
The firm recorded heavy trading loss during the year which resulted in a debt of N10 million. The three partners in the firm’s management insist that all the four partners must pay the debt equally. Mr. Blake is displeased and has served a notice on the other partners for dissolution of the partnership.
Required:
Advise the partners, stating the legal issues in the matter.
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- 4 Marks
BL – May 2023 – L1 – SB – Q2B – Partnership Law
Identify contents required for registering a partnership name that is not the surnames of the partners.
Question
Partnership names, if not the real surnames of the partners, must be registered with the Corporate Affairs Commission.
Required:
Enumerate FOUR contents of the statement to be submitted to the Corporate Affairs Commission if a partnership name is not the surnames of the partners.
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- Tags: Business Registration, Corporate Affairs Commission, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2023
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- 1 Marks
BL – May 2023 – L1 – SA – Q13 – Partnership Law
Identify the type of partner liable only to the extent of their capital contribution.
Question
A partner who is liable only to the extent of his capital contribution in apportioning of the partnership’s debts is called a/an:
A. Special partner
B. Ordinary partner
C. Inferior partner
D. Quasi partner
E. Limited partner
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- Tags: Legal Terminology, Partnership Law, Types of Partners
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2023
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- 4 Marks
BL – May 2017 – L1 – SB – Q2c – Partnership Law
Identifies four key features of a limited partner in a partnership.
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- Tags: Business Law, Legal Features, Limited Partnership, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2017
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- 10 Marks
BL – March July 2020 – L1 – SB – Q2a – Partnership Law
Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.
Question
Musa, Ahmed, and Tukur formed a partnership as equal partners to engage in haulage business and adopted the partnership law as their partnership agreement. Due to his vast experience in haulage business, the partners appointed Tukur as the firm’s Managing Director with full powers to execute all business transactions for the firm, while Musa and Ahmed were to oversee the office administration.
Due to unfavorable economic conditions, the firm suffered huge losses for a couple of years, which caused huge indebtedness. The partnership was dissolved, leaving Tukur with an alleged incurred liability for the firm’s debts. Tukur claims that Musa and Ahmed were still in full control of the firm’s operations and that the firm’s liability alone is to be cleared. Tukur seeks your advice.
Required:
Advise Tukur, stating the legal issues involved. (10 Marks)
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- Tags: Business Partnership, Firm Liability, Legal Issues, Partnership Law
- Level: Level 1
- Series: MAR/JULY 2020
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- 1 Marks
BL – May 2024 – L1 – SA – Q16 – Partnership Law
Identify the minimum number of designated partners required in a limited liability partnership.
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- 7 Marks
BCL – May 2017 – L1 – Q6a – Sources of Law
Explain a partner's right to claim reimbursement for personal expenses incurred during authorized duties.
Question
a) A partner in a firm in the course of an authorized duty incurred liability of which he/she made personal payment. The partner later made claims of reimbursement of expenses incurred. At a meeting of the partners of the firm, the reimbursement was declined.
Required: Explain whether the partner has any rights to claim reimbursement. (7 marks)
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- Tags: Authorized Duties, Partner Rights, Partnership Law, Reimbursement
- Level: Level 1
- Topic: Sources of Law
- Series: MAY 2017
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- 10 Marks
BCL – May 2020 – L2 – Q2a – Agency
Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.
Question
Jabi is a partner of an Accounting Firm. The firm’s office is located in Accra. In May 2019, Jabi was assigned an approved accounting duty outside Accra with the use of the Firm’s car. During the journey, the car had a burst tyre. The driver of the car, for unexplained reasons, had no spare tyre on the car. He therefore recommended the purchase of a brand new tyre, which Jabi bought with his personal money. He obtained a receipt in the name of the Firm.
Jabi sought for a refund of his money amounting to GH¢1,280 for the tyres bought. The Managing Partner refused the refund, saying it was the sole responsibility of Jabi to bear the expenditure.
Required:
i) Advise the Manager as to why the Firm should bear the full or part of the cost and not only Jabi.
(4 marks)
ii) Advise Jabi why it is not the sole responsibility of the firm to bear the cost.
(6 marks)
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- Tags: Agency, Firm Liability, Partnership Act 1962, Partnership Law, Reimbursement
- Level: Level 1
- Topic: Agency Law
- Series: MAY 2020
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