partnership deed

The relationship between partners should normally be made clear in the partnership deed.

We can identify a formal partnership by the partnership deed.

It is the partnership deed which regulates the various legal rights and duties of the partners as between themselves.

Again, prior planning under the partnership deed may provide for purchase of a deceased or retired partner's share by valuation.

Section 24 applies to all partnerships irrespective of the provisions of a given partnership deed.

The dissolution, taking an account of the distribution of assets, should normally be provided for in the partnership deed.

Some partnership deeds do, however, expressly provide for the payment of a salary in addition to a share of the firm's profits.

The proportions in which partners are to share in the profits of the business will normally be set out in the partnership deed.

Chapter Twenty-Four They changed the partnership deeds.

Such a document is known as a 'partnership deed'(otherwise known as the 'articles of partnership').

However, this would clearly not be a wise move in practice, and the better course is to set out a formal partnership deed in writing after professional advice.

He asks them to sign a partnership deed,stating when the company gains momentum,they could share the profit among themselves instead of treating them as simply laborers.

A partnership may be entered into either formally, by means of a partnership deed, or informally, simply by verbal agreement or otherwise between partners.

Where there is no specific agreement in the partnership deed, all partners, whatever their contribution, are entitled to share equally in the property and capital of the business.

Since not all partnerships are created formally by means of a partnership deed, s. 24 of the Partnership Act 1890 provides for certain rights of partners.

"She has stolen the partnership deed which states that Sattanathan and PRK are partners of Chola Picnic Village.

By means of an indenture dated 13 September 1808, Thomas Williams acquired a one-third share in the Bank, and otherwise on terms identical to the partnership deed of 1806.

It would also normally be advisable to have a term in the partnership deed which allows for disputes to be referred to arbitration, thereby avoiding the risks and costs of litigation.

For a portion of its life, the firm operated under a partnership deed, what is referred to by one former partner as "not a bill of rights, but the rights of Bill."

The articles of the partnership deed should clearly state the rights of partners with regard to one another, and the duties which each partner owes to the other members of the partnership.

In some jurisdictions, a more formal constitution, sometimes referred to as articles of partnership or a partnership deed is used (particularly where the partnership has certain corporate aspects, such as a Limited Liability Partnership).

Similarly, partnership deeds commonly state whether partners engaged full time on the firm's business are to receive salaries in addition to their share of profits, such salaries to be paid before the figure for net profits can be determined.

They could tear up the partnership deeds and flush them down the pine-scented toilet and argue for years that the legal advice, given in chambers, was that the new entity, registered in Grand Cayman, superseded the older, archaic partnership.

Dr Wall secured the sum of £4500 from the partners to establish the factory, known then as "The Worcester Tonquin Manufactory"; the original partnership deeds are still housed in the Museum of Worcester Porcelain.

The largest lead mining archive however comes from a composite collection (the Bagshawe collection), containing many plans, reckoning books, partnership deeds, barmaster's books, and correspondence relating to lead-mining in North Derbyshire, and smelting accounts in the eighteenth century.