- 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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- 8 Marks
BCL – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations
Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.
Question
Three persons, Booker, Weah, and Makafui agreed to set up a restaurant. The finance was provided almost entirely by one of them, Booker. Before the restaurant opened, furniture and equipment were purchased and a laundry contract was entered into. Advertisements were placed in the newspapers and on television, apart from the fact that premises were acquired by the person who supplied the money. The parties then fell out and the business did not proceed as planned.
Required:
i) Explain whether in the circumstances of the facts, there is a Partnership in terms of the provisions of the Incorporated Private Partnership Act, 1962 (Act 152). (5 marks)
ii) State TWO (2) liabilities of Partnership for action or transaction done in the course of a Partnership business.
(3 marks)
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- 8 Marks
BCL – Nov 2018 – L1 – Q4b – Public Sector Entities
State two reasons why a partnership firm should reimburse a partner's expenses.
Question
Apina is a partner in an accounting firm known as Dtd & Associates. On 3rd October 2018, he went out to execute an approved course of duty for the firm. Instead of being assigned an official car, the supervising partner asked that he should use his own car and provision was made for his fuel. In the course of duty, he burst a tire. He brought the receipt of the replaced tire bought to the supervising manager for a refund. The supervising manager, however, refused to reimburse Apina.
Required:
State TWO (2) reasons why the firm should reimburse Apina. (8 marks)
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- Tags: Partner Rights, Partnership Expenses, Partnership Law, Reimbursement
- Level: Level 1
- Topic: Public Sector Entities
- Series: NOV 2018
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- 8 Marks
BCL – May 2018 – L1 – Q5a – Alternative Forms and Constitutions of Business Organization
Explain the position of a registered firm and the rights and liabilities of its members.
Question
a) Azonto, Seamajolly, and Araba registered a firm of quantity surveyors under the name King & Associates.
Required:
Explain the position of the firm after registration and the rights and liabilities of the members of the firm towards each other. (8 marks)
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- 10 Marks
BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations
Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).
Question
b) Jane, Ama, and twenty-two other individuals agreed to incorporate a private partnership, which they simply referred to as Partnership. The individuals neither stated any registered address of the partnership nor the nature of the firm’s business. The individuals, however, stated the names of the foundation partners. The amount and percentage of contribution of each partner to the capital of the firm was also not stated. Even though the individuals stated the periodic and monthly drawings of funds, they failed to indicate any profit-sharing arrangements.
Required:
i) Identify TWO (2) issues that may arise in the above scenario.
(4 marks)
ii) State SIX (6) requirements for partnerships to be established under the Incorporated Private Partnership Act, 1962 (Act 152).
(6 marks)
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