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BCL – L1 – Q65 – Partnership dissolution

Explain reasons for refusing partnership registration, modes of winding up, asset application, and partner liability.

Question

SUNDRY ISSUES

(a) What may account for the Registrar refusing to register a partnership agreement?

(b) State three modes of winding up of a firm and indicate who can initiate each.

(d) State briefly the nature of a partner’s liability.

Answer

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Tags: Asset distribution, Business law, Corporate Governance, Ghana company law, Partnership agreement, Partnership dissolution, Partnership liabilities, Registrar refusal, Winding up
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q64 – Partnership formation

Analyze issues in a partnership agreement and list items to verify for a valid partnership involving an employee and family members.

Question

KOFI

Kofi was employed as a senior wholesale manager by AB Limited, a limited liability company owned 100% by Mr. Adu. Kofi’s monthly salary is $30,000 and has been so for the last five years. To prevent Kofi from leaving the company, Mr. Adu went into agreement with him whereby AB Limited, Kofi and twenty family members of Mr. Adu formed a partnership. Kofi will get $40,000 as monthly salary and 10% of gross profit as bonus as and when Mr. Adu deem it fit. Kofi must give six months’ notice for resignation but could be fired without notice by Mr. Adu. Kofi has no role in management, control or in carrying out the partnership business. Kofi is happy with his new salary but thinks all is not right.

(a) What is not right?

(b) State five other items Kofi must verify in a partnership agreement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business formation, Business law, Corporate Governance, Fiduciary duty, Ghana company law, Legal entity, Partnership agreement, Partnership dissolution, Partnership liabilities, Profit sharing
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

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BCL – L1 – Q65 – Partnership dissolution

Explain reasons for refusing partnership registration, modes of winding up, asset application, and partner liability.

BCL – L1 – Q64 – Partnership formation

Analyze issues in a partnership agreement and list items to verify for a valid partnership involving an employee and family members.

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BCL – L1 – Q65 – Partnership dissolution

Explain reasons for refusing partnership registration, modes of winding up, asset application, and partner liability.

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BCL – L1 – Q64 – Partnership formation

Analyze issues in a partnership agreement and list items to verify for a valid partnership involving an employee and family members.

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