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Adding a new partner to a general partnership—checklist Identity of new partner What is the name and address of the new partner? Is the new partner subject to any restrictions under any existing agreements or covenants (eg employment, partnership, joint venture, finance documents) that may impact upon their ability to join or commit to the partnership? Business details Will the business of the partnership remain the same after admission of the new partner? Will the name of the partnership change after admission of the new partner? Will the premises of the business change? If the partnership is registered for VAT, who will inform HMRC of a change of partners for VAT purposes? If the partnership is registered for PAYE and employer’s NICs, who will inform HMRC of a change of partners for these purposes? Will the new partner be required to register for employee’s NICs? Partnership agreement and other documentation How does the existing partnership agreement provide for the admission of new partners? Will any changes be required to the...
Retiring from a general partnership—checklist Identity of retiring partner What is the name and address of the retiring partner? Business details Will the business of the partnership remain the same after retirement of the retiring partner? Will the name of the partnership change after retirement of the retiring partner? Will the premises of the business change? If the partnership is registered for VAT, who will inform HMRC of a change of partners for VAT purposes? If the partnership is registered for PAYE and employer’s NICs, who will inform HMRC of a change of partners for these purposes? Will the new partner be required to register for employee’s NICs? Partnership agreement and other documentation How does the partnership agreement provide for the retirement of a partner? Are defined terms set out in the partnership agreement consistent with those in the proposed retirement deed? What restrictions are in place over the retiring partner post-retirement? Are the restrictions reasonable? Should they be added to? Will the retiring partner be required to give assistance...
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Forming a general partnership—flowchart This Flowchart considers the conditions that need to be met
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Statement of Changes in Immigration Rules, HC 309—analysis [Archived] This analysis considers the main changes to the Immigration Rules (the Rules) set out in HC 309. HC 309 was issued on 7 December 2017, along with an Explanatory Memorandum (EM). It covers: • the electronic issuing of entry clearance • controversial changes to the Rules relating to indefinite leave to remain (ILR) for main applicants and their dependants in work categories, in particular on how absences from the UK are to be treated • substantial amendments to the Tier 1 (Entrepreneur) sub-tier • amendments to Tier 1 (Exceptional Talent) including: ◦ increasing the Tier 1 (Exceptional Talent) limit to 2000 endorsements per year, with 1,000 of these to be allocated among the Designated Competent Bodies on a first-come first-served basis ◦ introducing provision for migrants endorsed under the exceptional talent criteria to apply for ILR after three years • amendments to Tier 2 (General), including: ◦ allowing Tier 4 (General) students to apply to switch into Tier...
Setting up a limited partnership—checklist Number and identity of the partners How many partners will there be and who are they? What is the capacity of each of the partners? Individual, company, other partnership, other entity or body? Which of them will be a general partner and which of them will be a limited partner? Will it be possible for new limited partners to be introduced? If so, on what basis? Will the limited partners be entitled to have business interests and engage in activities in addition to those relating to the limited partnership, including business interests and activities in direct competition with the partnership? Business details What will be the business of the limited partnership? Is it a continuing business or one-off project or projects? Are any regulatory consents, approvals and licences required for the proposed business? What will be the name of the limited partnership? Does the name conflict with an existing registered limited partnership or business name? Conduct searches at Companies House. Who is responsible for registering...
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Partnership agreement—short form This Partnership Agreement is made on [insert date] Parties 1 [insert name of partner], of [insert address of partner] 2 [insert name of partner], of [insert address of partner] Background The Partners wish to engage in [insert nature of business or profession or trade] in partnership on the terms set out in this agreement. The parties agree: 1 Definitions and interpretation 1.1 In this agreement, unless the context otherwise requires: Accountants • means [insert name of Partnership’s accountants] or such other firm of chartered accountants as are appointed to replace them in accordance with the provisions of this agreement; Accounting Date • means [insert day and month] in each year or such other date as may be determined in accordance with this agreement; Accounting Period • means each accounting period of the Partnership (whether of one year or more or less) ending on the Accounting Date and, in the case of the first Accounting Period, the period starting on the Commencement Date and ending on the Accounting...
Deed of assignment—conversion of general partnership to limited liability partnership This Deed is dated [insert day and month] 20[insert year] Parties 1 The parties listed in the Schedule (Partners) trading as [insert partnership name] (Partnership); and 2 [insert full name of LLP] LLP incorporated in England and Wales under number [insert registered number] whose registered office is at [insert address] (LLP), each of the Partners and the LLP being a Party and together the Parties. background (A) The Partners have agreed to transfer the Assets and the Business to the LLP under the Transfer Agreement pursuant to which the Parties have further agreed to enter into [a] separate assignment[s] of certain of the Assets. (B) This deed records the assignment of [insert details of specific assets to be assigned under this deed]. 1 Definitions and interpretation 1.1 In this deed: Assets • has the same meaning as in the Transfer Agreement; Business • has the same meaning as in the Transfer Agreement; Transfer Agreement...
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Does the Partnership Act 1890 apply by default if a written partnership agreement has been lost by the partners? PA 1890 sets out a number of default provisions that apply in relation to the interests of partners in the partnership property and their rights and duties in relation to the partnership, subject to any agreement express or implied between the partners. The key default provisions are: • all partners are to share equally in the capital and profits and contribute equally to losses (PA 1890, s 24(1)) • the partnership must indemnify any partner for payments and liabilities incurred in the ordinary and proper conduct of the partnership’s business (PA 1890, s 24(2)) • every partner may take part in the management of the partnership business (PA 1890, s 24(5)) • no partner is entitled to any remuneration for acting in the partnership business (PA 1890, s 24(6)) • no person may be introduced as a partner without the consent of all existing partners (PA 1890, s 24(7)) • any...
A partner has given notice of a general dissolution of the partnership to the other partner, in which it states a figure to be paid out to the partner upon dissolution. Is the figure stated in the notice binding? There is no partnership agreement. This Q&A assumes that the partnership in question is solvent. The partnership agreement is the usual starting place for establishing how assets and losses are to be distributed and surplus is to be shared between the partners at the end of a partnership. In this case, there is no written partnership agreement, so the Partnership Act 1890 (PA 1890) and common law will apply. A partnership may be dissolved by notice (for details, see Practice Note: Ending a general partnership—dissolution otherwise than by the court). On dissolution of the partnership following service of notice, any surplus assets remaining after payment of debts, liabilities, advances and capital shall be divided among the partners in the same proportion in which they were entitled to share in the profits...
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This week's edition of Tax weekly highlights includes: (1) key announcements from the draft Welsh Budget 2025–26, (2) analysis of the Court of Appeal’s decision in Axa Sun Life plc v HMRC, and (3) the UT’s decision in HMRC v Colchester Institute Corporation.
This week's edition of Tax weekly highlights includes: (1) the publication of Finance (No 2) Bill 2024, (2) the publication of the NICs (Reduction in Rates) (No 2) Bill, (3) the publication of the Order to implement the increase to the VAT registration and deregistration thresholds and (4) News Analysis on the Court of Appeal decision on the VAT status of NHS operated car parks in Northumbria Healthcare NHS Foundation Trust.
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