Tag: Partnership
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Arbitration
Definition of Arbitration In accordance with the work A Dictionary of Law, this is a description of Arbitration : The determination of a dispute by one or more independent third parties (the arbitrators) rather than by a court. Arbitrators are appointed by the parties in accordance with […]
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Limited Company
Private and public limited companies Sole traders and partnerships are owned directly by individuals. The sole trader not only owns the business, she/he is the business; similarly with a partnership. It is possible, however, to create a business that is separate – in law – from its owners. […]
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Dissolution
Definition of Dissolution In accordance with the work A Dictionary of Law, this is a description of Dissolution : 1. The legal termination of a marriage; for example, by a decree of divorce, nullity, or presumption of death. 2. The dissolving of a *registered company. This can be achieved by […]
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De-Equitisation
Brief Introduction to De-Equitisation in Partnership Law The removal of equity from a partner. This needs to be under the terms of a well drafted Partnership Agreement.
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Limited Liability Partnerships (LLP)
Brief Introduction to Limited Liability Partnerships (LLP) in Partnership Law A Limited Liability Partnership or LLP is a partnership formed and incorporated under the Limited Liability Partnership Act 2000.
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Capital Account
Brief Introduction to Capital Account in Partnership Law The partners in a partnership or members of an LLP have both Capital and Current Accounts. Other Short note (s) in relation wth Capital Account here: The Capital Account represents their share of the equity of the business and is made up […]
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Incorporation
Brief Introduction to Incorporation in Partnership Law is the process of forming a Limited Company, Limited Partnership or LLP and registering it at Companies House. An incorporated body has, in law, a personality and can form contracts, own property and employ staff in the same way that a […]
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Salaried Partner
Brief Introduction to Salaried Partner in Partnership Law a partner who does not have an equity stake in the partnership. They tend to be employed and therefore need an indemnity from the equity partners to cover them for the liability they have. They are schedule E for income tax. It is […]
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General Partnership
Brief Introduction to General Partnership in Partnership Law is a term we use to define a partnership formed expressly or impliedly under the 1890 Partership Act. These are all partnerships that are not incorporated as Limited Partnerships or LLPS and comprise most partnerships.
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Current Account
Brief Introduction to Current Account in Partnership Law The partners in a partnership or members of an LLP have both Capital and Current Accounts. Other Short note (s) in relation wth Current Account here: The Current Account represents their share of profits and losses and profits can be […]
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Limited Partnerships
Brief Introduction to Limited Partnerships in Partnership Law A Limited Partnership is a special partnership allowed by the 1907 Limited Partnership Act. This allows for a Limited Partner to have limited liability so long as it is not actively involved in the firm's management. Other Short […]
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Designated Member
Brief Introduction to Designated Member in Partnership Law is a member of an LLP who is noted at Companies House as being responsible for regulatory matters. An LLP must have at least two Designated Members.
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Lockstep
Brief Introduction to Lockstep in Partnership Law The process whereby new parters build up equity in a partnership over time. Locksteps need well drafted partnership agreements.
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Joint Venture
Brief Introduction to Joint Venture in Partnership Law A joint venture can be formed between two or more partieswhich undertake economic activity together. Other Short note (s) in relation wth Joint Venture here: These parties agree to create a new entity by both contributing equity, they then […]
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Mediation
Definition of Mediation The attempt to settle a legal dispute through active participation of a third party. Brief Introduction to Mediation in Partnership Law This is a process which is part of Alternative Dispute Resolution (ADR). It can be time-consuming and expensive to litigate through […]