Incorporated Private Partnership Act

BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

Question

(a). Explain the key characteristics of being a sole trader. What advantages and disadvantages do they give?

(bi). Section 3 of Incorporated Private Partnerships Act, 1962 (Act 152) states that ‘Partnership means the association of two or more individuals carrying on business jointly for the purpose of making profits’. Suppose you had set up an unregistered business for buying and selling second-hand vehicles with two friends, and you decided to call it Triad Car Dealers, determine the following:

(i) Whether there can be a valid partnership with your two friends if you own 85% of the total assets of the business?

(ii) Who makes the decisions which affect the nature and running of the business?

(iii) Describe the liability of various partners for partnership debts.

Answer

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Tags: Business organisations, Debts, Incorporated Private Partnership Act, Liability, Partnership
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Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

Question

List FIVE applicable rules in a Partnership in the absence of a contrary agreement.

Answer

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Tags: Business organisations, Incorporated Private Partnership Act, Legal requirements, Partnership, Rules
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

Question

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Amo informed the Management of his and Mrs. Mensah’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January, 2015, Mr. Kofi Amo and Mrs. Mensah withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and James, one of the partners, obtained an order of the High Court directing Mr. Kofi Amo and Mrs. Mensah to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Amo and Mrs. Mensah ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Amo and Mrs. Mensah, remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

Answer

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Tags: Incorporated Private Partnership Act, Legal Obligations, Partnership, Retirement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

Tag (SQ): Incorporated Private Partnership Act

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BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

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BCL – L1 – Q57 – Alternative forms and constitutions of business organisations

Explain key characteristics, advantages, and disadvantages of a sole trader.

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BCL – L1 – Q55 – Alternative forms and constitutions of business organisations

List five rules applicable to a partnership in the absence of a contrary agreement.

You're reporting an error for "BCL – L1 – Q55 – Alternative forms and constitutions of business organisations"

BCL – L1 – Q54 – Alternative forms and constitutions of business organisations

Explain if Kofi Amo and Mrs. Mensah remain partners after their retirement letters.

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