Sole Traders And Partnerships

Question 1

Who does the limited partnership act if 1907 apply to?

Answer 1

Only limited partnerships

Question 2

Are partnerships wound up by death?

Answer 2

Yes unless stated otherwise

Question 3

Is a new partner liable for debts incurred before they became partner?

Answer 3

No, only for after they become partner

Question 4

Are usual acts of a partner binding even without authority?

Answer 4

Yes under the partnership act 1890

Question 5

What does a limited partnership company need to end with?

Answer 5

LLP

Question 6

Can partners assign their interests in the partnership to another person?

Answer 6

Yes

Question 7

Can companies and partnerships raise finance by creating a floating charge against the asset?

Answer 7

Companies can, partnerships can not

Question 8

Is there a right to remuneration?

Answer 8

No

Question 9

Does every partner have a right to access all partnership banks and accounts?

Answer 9

Yes

Question 10

Does a partnership have to be made to make a profit?

Answer 10

Yes