Firm Liability – NBC Institute

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

Question

Musa, Ahmed, and Tukur formed a partnership as equal partners to engage in haulage business and adopted the partnership law as their partnership agreement. Due to his vast experience in haulage business, the partners appointed Tukur as the firm’s Managing Director with full powers to execute all business transactions for the firm, while Musa and Ahmed were to oversee the office administration.

Due to unfavorable economic conditions, the firm suffered huge losses for a couple of years, which caused huge indebtedness. The partnership was dissolved, leaving Tukur with an alleged incurred liability for the firm’s debts. Tukur claims that Musa and Ahmed were still in full control of the firm’s operations and that the firm’s liability alone is to be cleared. Tukur seeks your advice.

Required:
Advise Tukur, stating the legal issues involved. (10 Marks)

Answer

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Tags: Business Partnership, Firm Liability, Legal Issues, Partnership Law
Level: Level 1

Series: MAR/JULY 2020

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

Question

b) Kojo Mintah is a partner in a firm of surveyors. While travelling in the course of an approved duty in the firm’s car, he bought GH¢500 worth of fuel for the use of the car. He submitted the receipt of purchase to the managing partner for refund. The managing partner has refused to pay.

Required:

i) State TWO (2) liabilities imposed on partners and TWO (2) liabilities imposed on the firm by the Incorporated Private Partnership Act, 1962 (Act 152).

(4 marks)

ii) Advice Kojo Mintah on his claim. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Firm Liability, Incorporated Private Partnership Act, Partner Liability, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: APR 2022

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

Question

Jabi is a partner of an Accounting Firm. The firm’s office is located in Accra. In May 2019, Jabi was assigned an approved accounting duty outside Accra with the use of the Firm’s car. During the journey, the car had a burst tyre. The driver of the car, for unexplained reasons, had no spare tyre on the car. He therefore recommended the purchase of a brand new tyre, which Jabi bought with his personal money. He obtained a receipt in the name of the Firm.

Jabi sought for a refund of his money amounting to GH¢1,280 for the tyres bought. The Managing Partner refused the refund, saying it was the sole responsibility of Jabi to bear the expenditure.

Required:

i) Advise the Manager as to why the Firm should bear the full or part of the cost and not only Jabi.
(4 marks)

ii) Advise Jabi why it is not the sole responsibility of the firm to bear the cost.
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency, Firm Liability, Partnership Act 1962, Partnership Law, Reimbursement
Level: Level 1

Topic: Agency Law
Series: MAY 2020

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

Question

Required:
Advise Tukur, stating the legal issues involved. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Partnership, Firm Liability, Legal Issues, Partnership Law
Level: Level 1

Series: MAR/JULY 2020

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

Question

Required:

i) State TWO (2) liabilities imposed on partners and TWO (2) liabilities imposed on the firm by the Incorporated Private Partnership Act, 1962 (Act 152).

(4 marks)

ii) Advice Kojo Mintah on his claim. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Firm Liability, Incorporated Private Partnership Act, Partner Liability, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: APR 2022

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

Question

Jabi sought for a refund of his money amounting to GH¢1,280 for the tyres bought. The Managing Partner refused the refund, saying it was the sole responsibility of Jabi to bear the expenditure.

Required:

i) Advise the Manager as to why the Firm should bear the full or part of the cost and not only Jabi.
(4 marks)

ii) Advise Jabi why it is not the sole responsibility of the firm to bear the cost.
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency, Firm Liability, Partnership Act 1962, Partnership Law, Reimbursement
Level: Level 1

Topic: Agency Law
Series: MAY 2020

Question Tag: Firm Liability

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BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

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Question Tag: Firm Liability

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BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2a – Partnership Law"

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

You're reporting an error for "BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations"

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

You're reporting an error for "BCL – May 2020 – L2 – Q2a – Agency"

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2a – Partnership Law"

BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations

Analyze partner and firm liabilities under the Incorporated Private Partnership Act 1962, and advise on a partner's claim for expense reimbursement.

You're reporting an error for "BCL – Apr 2022 – L1 – Q4b – Alternative forms and constitutions of business organisations"

BCL – May 2020 – L2 – Q2a – Agency

Advise on whether a firm should bear the cost of an expenditure incurred by a partner during an assignment.

You're reporting an error for "BCL – May 2020 – L2 – Q2a – Agency"

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