Partnership Law – Page 4

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 2022 – L1 – SA – Q3 – Partnership Law

Identifying the term for a partner who participates in managing the firm.

Question

A partner who participates in the management of the firm is called a:

A. Matching partner
B. Limited partner
C. Coordinating partner
D. General partner
E. Contributing partner

Answer

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Tags: Management, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2022

BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

Question

Oguche and Agoro have been friends for twenty-five years. They agreed to trade together by contributing money to buy textile materials from Aswani market in Lagos, Aba market in Abia State, and Sabongari market in Kano. The two friends have been buying the materials and sharing them for sale in towns and villages in Oyo State, Nigeria. Recently, Agoro bought textile materials from Kano when he visited his political associates in that city. Agoro resold the materials at a huge profit, and when Oguche became aware of that fact, he approached Agoro, demanding a share in the profit of the resale, basing his entitlement on the argument that they are partners. Agoro has refused to share the profit with Oguche, and the latter has approached you for advice.

Required:
i. Advise Oguche on whether or not he is entitled to a share in the profit that Agoro made. (6 Marks)

ii. Would you have advised Oguche differently if the two friends had a registered partnership under the name and style “Oguche and Agoro Ventures”? (6 Marks)

Answer

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Tags: Dispute Resolution, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

BL – May 2021 – L1 – SA – Q4 – Partnership Law

Identifying the condition that revokes the power of a partner to bind the firm.

Question

The power of a partner to bind the firm is revoked by

A. Amortisation
B. Merger
C. Restructuring
D. Dissolution
E. Articulation

Answer

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Tags: Dissolution, Firm, Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

BL – Nov 2023 – L1 – SB – Q1b – Partnership Law

Advises on the legal position regarding a partnership dispute over the sharing of profits from palm oil fruit sales.

Question

Ulokoagah, Etseosomi, and Ulekhia, farmers in Ilogboda, Edo State, agreed to carry on a business of buying palm oil fruits for milling, selling the product, and sharing whatever profits they made from the business. The three of them contributed ₦5,000 each as working capital. Etseosomi, thereafter, bought palm oil fruits with his own money, which he milled and sold at a profit. Ulokoagah and Ulekhia are demanding a share of Etseosomi’s profits, which the latter has rejected. The farmers have come to you for advice.

Required:
State the legal position and advise the farmers. (6 Marks)

Answer

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Tags: Advice, Business Dispute, Legal Position, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Q5 – Partnership Law

This question asks about the minimum number of partners in a limited liability partnership

Question

What is the minimum number of partners in a Limited Liability Partnership?
A. 1
B. 2
C. 3
D. 4
E. 5

Answer

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Tags: Business Law, Company Structure, Limited Liability Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

Question

Partnership can be dissolved by the partners for various reasons and also by court order.
Required:
Explain briefly the order of application of the firm’s properties upon dissolution of a partnership. (6 Marks)

Answer

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Tags: Dissolution, Firm’s properties, Order of application, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2019

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.

Answer

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Tags: Dissolution of partnership, Liability, Management Responsibility, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2019

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.

Answer

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Tags: Business Registration, Corporate Affairs Commission, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2023

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

Answer

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Tags: Legal Terminology, Partnership Law, Types of Partners
Level: Level 1

Topic: Partnership Law
Series: MAY 2023

BL – Nov 2019 – L1 – SA – Q9 – Partnership Law

Determines the requirement for tape recording evidence admissibility in electronic fraud cases.

Question

A prerequisite for admissibility of tape recording evidence in a case of electronic fraud is to determine:
A. What the tape recorder edits
B. How the recording has been preserved
C. Who the owner of the recording is
D. Where the recording was tested
E. When the recorder was last repaired

Answer

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Tags: Electronic Evidence, Fraud Cases
Level: Level 1

Topic: Partnership Law
Series: NOV 2019

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 2022 – L1 – SA – Q3 – Partnership Law

Identifying the term for a partner who participates in managing the firm.

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BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

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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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BL – Nov 2023 – L1 – SB – Q1b – Partnership Law

Advises on the legal position regarding a partnership dispute over the sharing of profits from palm oil fruit sales.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q1b – Partnership Law"

BL – Nov 2023 – L1 – SA – Q5 – Partnership Law

This question asks about the minimum number of partners in a limited liability partnership

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BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q2b – Partnership Law"

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.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q1b – Partnership Law"

BL – May 2023 – L1 – SB – Q2B – Partnership Law

Identify contents required for registering a partnership name that is not the surnames of the partners.

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BL – May 2023 – L1 – SA – Q13 – Partnership Law

Identify the type of partner liable only to the extent of their capital contribution.

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BL – Nov 2019 – L1 – SA – Q9 – Partnership Law

Determines the requirement for tape recording evidence admissibility in electronic fraud cases.

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