Incorporated Private Partnership Act

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

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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 – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

Question

Three persons, Booker, Weah, and Makafui agreed to set up a restaurant. The finance was provided almost entirely by one of them, Booker. Before the restaurant opened, furniture and equipment were purchased and a laundry contract was entered into. Advertisements were placed in the newspapers and on television, apart from the fact that premises were acquired by the person who supplied the money. The parties then fell out and the business did not proceed as planned.

Required:

i) Explain whether in the circumstances of the facts, there is a Partnership in terms of the provisions of the Incorporated Private Partnership Act, 1962 (Act 152). (5 marks)

ii) State TWO (2) liabilities of Partnership for action or transaction done in the course of a Partnership business.

(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Formation, Incorporated Private Partnership Act, Liabilities, Partnership Law
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAR 2024

BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

Question

b) Jane, Ama, and twenty-two other individuals agreed to incorporate a private partnership, which they simply referred to as Partnership. The individuals neither stated any registered address of the partnership nor the nature of the firm’s business. The individuals, however, stated the names of the foundation partners. The amount and percentage of contribution of each partner to the capital of the firm was also not stated. Even though the individuals stated the periodic and monthly drawings of funds, they failed to indicate any profit-sharing arrangements.

Required:
i) Identify TWO (2) issues that may arise in the above scenario.
(4 marks)

ii) State SIX (6) requirements for partnerships to be established under the Incorporated Private Partnership Act, 1962 (Act 152).
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Organisations, Incorporated Private Partnership Act, Partnership Law
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

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 – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

Question

Required:

i) Explain whether in the circumstances of the facts, there is a Partnership in terms of the provisions of the Incorporated Private Partnership Act, 1962 (Act 152). (5 marks)

ii) State TWO (2) liabilities of Partnership for action or transaction done in the course of a Partnership business.

(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Formation, Incorporated Private Partnership Act, Liabilities, Partnership Law
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAR 2024

BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

Question

Required:
i) Identify TWO (2) issues that may arise in the above scenario.
(4 marks)

ii) State SIX (6) requirements for partnerships to be established under the Incorporated Private Partnership Act, 1962 (Act 152).
(6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Organisations, Incorporated Private Partnership Act, Partnership Law
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

Question Tag: Incorporated Private Partnership Act

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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 – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

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 – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

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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.

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BCL – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

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BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

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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 – Mar 2024 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Discuss the existence of a partnership in the provided scenario and the liabilities associated with partnership actions.

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BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Identify issues and requirements for establishing a partnership under the Incorporated Private Partnership Act, 1962 (Act 152).

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