Partnership Law – Page 3

BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

Question

Comment on the legality of the following relationships operating as partnerships:

i. A partnership of 16 persons established for charitable purposes
ii. Adex cooperative society consisting of 500 members
iii. Black and Blue law firm consisting of 31 lawyers
iv. Stone Partnership firm comprising Segun aged 28, Tunde aged 17
v. A partnership of volunteers for the purpose of helping persons displaced by flood.

Answer

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Tags: Charitable Purpose, Cooperative Society, Law Firm, Legal Entity, Minor Partnership, Partnership, Volunteers
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

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.

Answer

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Tags: Dormant Partner, Government Regulation, Partner Death, Partnership Investment, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

Question

A partnership may be formed with or without formality.

Required: i. What is a partnership deed?
ii. State FOUR items which a partnership deed must contain.

Answer

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Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
Level: Level 1

Topic: Partnership Law

BL – Nov 2020 – L1 – SA – Q3 – Partnership Law

Objective questions testing knowledge on Nigerian government functions, customary law, and partnership structures.

Question

A partnership in which all members are involved in the management of the firm’s business is
A. General partnership
B. Government partnership
C. Limited partnership
D. Active partnership
E. Supreme partnership

Answer

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Tags: Equity, Natural Justice, Partnership Types
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

Question

What must a partner do by himself in order to dissolve the partnership in which he is a partner?

Answer

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Tags: Business Law, Notice, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q17 – Partnership Law

Identify the usual range of membership in a general partnership.

Question

The membership of a general partnership is usually from:

A. Two to twenty persons
B. Two to twenty-five persons
C. One to thirty persons
D. One to twenty-five persons
E. Three to twenty-five persons

Answer

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Tags: Business Law, Membership, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q8 – Partnership Law

Identify the activity that an un-discharged bankrupt cannot engage in.

Question

In which of the following shall an un-discharged bankrupt NOT engage?

A. Travel outside the country
B. Attend shareholders’ meeting of a company
C. Enjoy public amenities
D. Contest in an election for an elective office
E. Contribute to a public debate

Answer

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Tags: Bankruptcy, Business Law, Restrictions
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

Question

(a) “It is not necessary for any two or more persons who intend to enter into a partnership to enter into any formal agreement. Where, however, they decide to do so, such agreements must have certain minimum contents.”

State any SIX of these minimum contents. (6 Marks)

(b) Femi and Solape entered into an agreement to contribute equal amounts to buy books. They purchased the books and shared them between themselves for sale. Subsequent to the initial purchase, however, Femi purchased books alone. Solape demanded that she share equally with Femi the profit made from the sale of the books, but Femi refused on the ground that Solape had not contributed towards the purchase of the books. Solape threatened to institute a court action for one half of the profit made on the sale of the books, claiming a partnership agreement. The written agreement between them was for sharing of the books purchased, not for sharing of the profit.

You are required to advise the parties. (9 Marks)

Answer

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Tags: Business Law, Legal Contracts, Partnership Agreement, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

Question

Define “Deferred Debts” in bankruptcy proceedings and give any THREE examples.

Answer

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Tags: Bankruptcy, Debt Hierarchy, Deferred Debts
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

Question

The parties in a partnership arrangement must agree on all of the following EXCEPT:
A. Profit sharing
B. Business management
C. Capital contribution
D. Dissolution
E. Pension reform

Answer

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Tags: Agreement, Business Law, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

Question

State FIVE implied authorities of partners under the Law of Partnership.

Answer

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Tags: Business Authority, Implied Authority, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Question on the consequence of a General Partner's insanity.

Question

The consequence of the incidence of insanity of a General Partner, to the Partnership, is ………………………….

Answer

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Tags: General Partner, Insanity, Legal Consequences, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

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Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

Question

The membership of a Partnership for the practice of accountancy is

A. 20
B. 30
C. 40
D. 50
E. Unlimited

Answer

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Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – May 2018 – L1 – SB – Q2b – Partnership Law

Discuss partnership roles and management changes.

Question

de and Bola are partners in a firm consisting of ten other partners. Ade solely manages the business of the firm, while Bola is interested only in the profits of the business. In the course of managing the business of the firm, Ade made a payment of N10,000.00 for electricity and also incurred expenses on hotel bills while representing the firm in Tema, Ghana. Ade, who is now overwhelmed by the running of the firm, intends to introduce a friend into the business as a partner. In addition, Ade wants the business of the firm to be changed in order to attract more profit.

Required:
(i) What type of partners are Ade and Bola? Give reasons for your answer. (3 Marks)
(ii) Advise Ade on the money he paid for the electricity, the hotel bills as well as the plan to introduce a new partner. (4 Marks)

Answer

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Tags: Business Decisions, Partner Duties, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2018

BL – May 2018 – L1 – SA – Q13 – Partnership Law

Identify who fixes the duties of parties in tort.

Question

The duties of parties in tort are fixed by:
A. Law
B. The parties
C. Contract
D. The Executive
E. Governor

Answer

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Tags: Duties, Legal obligations, Tort
Level: Level 1

Topic: Partnership Law
Series: MAY 2018

BL – May 2018 – L1 – SA – Q4 – Partnership Law

Identify the nature of the relationship in a partnership.

Question

Partnership is the relationship which subsists between persons carrying on business in common with a view to
A. Assisting other partners
B. Making and sharing profit
C. Ensuring accuracy
D. Establishing good business
E. Deceiving the public

Answer

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Tags: Business Relations, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2018

BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

Question

1. Registered partnership may be categorized into two.
Required:
State six characteristics of a limited partner.

2. Vitiating elements in contracts are recognized under common law.

Required:
Explain three types of mistake under law of contracts.

Answer

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Tags: Contract Law, Legal Characteristics, Limited Partner, Mistake, Partnership, Vitiating Elements
Level: Level 1

Topic: Partnership Law
Series: NOV 2022

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

Answer

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Tags: Limited Liability Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

Question

A fundamental ground upon which a partnership is distinct from a sole-proprietorship is
A. Authorised share capital
B. Financial accounts
C. Asset turnout
D. Debt recovery procedure
E. Legal minimum of membership

Answer

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Tags: Legal Membership, Partnership Law, Sole Proprietorship
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

Topic: Partnership Law

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BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

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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.

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BL – Nov 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

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BL – Nov 2020 – L1 – SA – Q3 – Partnership Law

Objective questions testing knowledge on Nigerian government functions, customary law, and partnership structures.

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BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

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BL – May 2012 – L1 – SA – Q17 – Partnership Law

Identify the usual range of membership in a general partnership.

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BL – May 2012 – L1 – SA – Q8 – Partnership Law

Identify the activity that an un-discharged bankrupt cannot engage in.

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BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

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BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

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BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

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BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Question on the consequence of a General Partner's insanity.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

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BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

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BL – May 2018 – L1 – SB – Q2b – Partnership Law

Discuss partnership roles and management changes.

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BL – May 2018 – L1 – SA – Q13 – Partnership Law

Identify who fixes the duties of parties in tort.

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BL – May 2018 – L1 – SA – Q4 – Partnership Law

Identify the nature of the relationship in a partnership.

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BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

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BL – May 2022 – L1 – SA – Q17 – Partnership Law

Identify the attribute of a limited liability partnership (LLP).

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BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

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