Partnership Law – Page 5

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 – May 2017 – L1 – SB – Q2c – Partnership Law

Identifies four key features of a limited partner in a partnership.

Question

State FOUR features of a Limited Partner.

Answer

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Tags: Business Law, Legal Features, Limited Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

Question

Section 105(1) of the Companies and Allied Matters Act (CAMA) provides that “except as provided by this Act, a company having share capital shall not reduce its issued capital.”
Required:
i. State TWO cases of capital reduction permitted under the CAMA.
(2 Marks)

ii. State TWO purposes for which a company may reduce its share capital under the CAMA.
(2 Marks)

Answer

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Tags: Capital Reduction, Companies and Allied Matters Act (CAMA), Company Law, Limited Partnership
Level: Level 1

Topic: Company Law, Partnership Law
Series: MAY 2017

BL – May 2017 – L1 – SA – Q4 – Partnership Law

Identifying a non-element of a partnership.

Question

Which of the following is NOT an element of a partnership?
A. Association of at least two persons
B. A trade or vocation
C. Making of profit
D. Sharing of profit
E. Tenancy in Common

Answer

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Tags: Business Law, Legal Elements, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2017

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

Explanation of relationships similar to partnership under partnership law.

Question

Under partnership law, there are rules for determining the existence of a partnership.

Required: Explain briefly THREE relationships that are similar to partnership but are not considered partnerships under the law.

Answer

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Tags: Business Entities, Legal Relationships, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAR/JULY 2020

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

Question assessing understanding of partnership liability and the implications for legal action against partners.

Question

When the liability of partners in a partnership is described as several, it means an aggrieved party could sue the partners
A. Jointly
B. Collectively
C. With families
D. With firm only
E. Individually

Answer

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Tags: Aggrieved Party, Legal Terminology, Liability, Partnership, Several Liability
Level: Level 1

Topic: Partnership Law
Series: MAR/JULY 2020

BL – May 2016 – L1 – SB – Q4b – Partnership Law

List essential clauses for a partnership deed and advise on legal action for partnership contribution disputes.

Question

i. Partnership is a form of business association that requires pooling of resources together.

Required:

State SIX clauses that should be included in a Partnership Deed. (7 Marks)

ii. Ade, Uzo and Yemoh formed a partnership to carry on trade in palm produce. The other partners mandated Yemoh to be in full control in the running of the partnership. The partnership suffered losses and incurred debts of ₦3,000,000. Ade and Uzo are refusing to pay part of the debts, saying they were not involved in the management of the firm. Yemoh has come to you for advice.

Required:

Advise Yemoh on the legal action, if any, he could take to recover contribution from Ade and Uzo. (6 Marks)

Answer

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Tags: Legal Action, Partnership Deed, Partnership Disputes
Level: Level 1

Topic: Partnership Law
Series: MAY 2016

BL – May 2024 – L1 – SB – Q2b – Partnership Law

Explain three rules that determine the existence of a partnership under Nigerian law.

Question

A partnership is one of the business organisations that the Companies and Allied Matters Act provides for.
Required:
Explain THREE rules that could be applied to determine the existence of a partnership. (6 Marks)

Answer

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Tags: Business Law, Existence, Legal Rules, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2024

BL – May 2024 – L1 – SA – Q16 – Partnership Law

Identify the minimum number of designated partners required in a limited liability partnership.

Question

The minimum number of designated partners that a limited liability partnership must have is:

A. One
B. Two
C. Three
D. Four
E. Five

Answer

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Tags: Business Law, Designated Partners, Limited Liability Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2024

BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

Question

Which of the following is NOT a characteristic of a partnership?
A. Sharing losses
B. Sharing profits
C. Business
D. Liability to pay income tax on its profits
E. The pooling of resources together

Answer

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Tags: Business Entities, Legal Structures, Partnership Characteristics
Level: Level 1

Topic: Partnership Law
Series: MAY 2016

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

Question

‘X’, ‘Y’, and ‘Z’ formed a partnership in 2007 and contributed N400,000, N300,000, and N200,000, respectively. In the course of managing the firm, Y paid the electricity bills of the firm to keep the business of the partnership going, and wants to be reimbursed. X intends to introduce a friend to join the partnership.

Required:
What are the positions of the law in the situations above? (10 Marks)

Answer

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Tags: Contributions, Law of Partnership, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2015

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 – May 2017 – L1 – SB – Q2c – Partnership Law

Identifies four key features of a limited partner in a partnership.

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BL – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

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BL – May 2017 – L1 – SA – Q4 – Partnership Law

Identifying a non-element of a partnership.

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

Explanation of relationships similar to partnership under partnership law.

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

Question assessing understanding of partnership liability and the implications for legal action against partners.

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BL – May 2016 – L1 – SB – Q4b – Partnership Law

List essential clauses for a partnership deed and advise on legal action for partnership contribution disputes.

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BL – May 2024 – L1 – SB – Q2b – Partnership Law

Explain three rules that determine the existence of a partnership under Nigerian law.

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BL – May 2024 – L1 – SA – Q16 – Partnership Law

Identify the minimum number of designated partners required in a limited liability partnership.

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BL – May 2016 – L1 – SA – Q4 – Partnership Law

Identify the characteristic that does not belong to a partnership.

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BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

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