- 5 Marks
BCL – Nov 2024 – L1 – Q5b – Registrar’s Power to Refuse Firm Registration
Circumstances under which the Registrar of Companies may refuse to register a firm or partnership.
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Question Tag: Partnership Law
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+ past questions and counting.
- 6 Marks
BL – Nov 2020 – L1 – SB – Q1c – Partnership Law
Assess the impact of government regulation, partner's death, and a new investor's involvement on a partnership.
Question
Ade and Tola entered into a partnership for the sole purpose of importing cars with an engine capacity of 6-horsepower. The government has just passed a law banning the importation of cars of more than 4-horsepower. Recently, one of the partners in the firm died after the registration of the partnership. The surviving partner intends to introduce a rich man who is interested only in investing his money in the business of the firm but not in its management.
Required:
Examine the effects of the following on the partnership:
i. The law passed by the government.
ii. The death of one of the partners immediately after the registration of the firm.
iii. The status of the new partner who is interested only in investing his money in the business of the firm and not in the management.
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- 6 Marks
BL – Nov 2020 – L1 – SB – Q1b – Partnership Law
Define a partnership deed and list essential items it must contain.
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- Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- 1 Marks
BL – May 2013 – L1 – SA – Q9 – Partnership Law
This question tests knowledge of the applicability of the English Partnership Act (1890) in Nigerian states.
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- Tags: English Law, Partnership Act, Partnership Law
- Level: Level 1
- 15 Marks
BL – May 2014 – L1 – SB – Q4 – Partnership Law
Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.
Question
a. “Every company must, by law, have a Secretary. A company may also serve as a Secretary to another company. However, a sole director may not be the Secretary of a company. The Company Secretary is the Chief Administrative Officer of the company”.
Required: State FIVE duties of a Company Secretary. (5 Marks)
b. At common law, a Secretary was regarded as a mere servant who should do what he was told to do and could NOT bind the company in any way. This notion has since been corrected by the Companies and Allied Matters Act CAP C20 LFN 2004.
Required: State FIVE persons qualified to be appointed as Company Secretary of a public company under the Companies and Allied Matters Act. (5 Marks)
c. Partnership contract is based on confidence, good faith, and trust between the partners.
Required: Explain TWO circumstances in which a non-partner could benefit from the profits of a partnership. (5 Marks)
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- 5 Marks
BL – Nov 2013 – L1 – SB – Q5c – Partnership Law
Advising partners on the liability for partnership debts.
Question
Yaya and Omegie contributed money to do business together and they both invited Obi to join them in the business. The firm traded for four years without making a profit but incurred a huge debt of N45,000,000. Yaya wants to leave the business and the debts to Omegie and Obi to pay.
You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)
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- Tags: Debt Obligation, Joint Liability, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 5 Marks
BL – Nov 2013 – L1 – SB – Q5b – Partnership Law
Stating five implied authorities of partners under the law of partnership.
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- Tags: Business Authority, Implied Authority, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 1 Marks
BL – Nov 2013 – L1 – SA – Q15 – Partnership Law
Identifies the membership limit for a partnership in accountancy practice.
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- Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 1 Marks
BL – May 2022 – L1 – SA – Q17 – Partnership Law
Identify the attribute of a limited liability partnership (LLP).
Question
Which of the following is an attribute of a limited liability partnership (LLP)?
A. Minimum membership of three
B. For finance business only
C. Minimum capitalisation of ₦10,000
D. Perpetual succession
E. Dissolution on death of designated partner
Find Related Questions by Tags, levels, etc.
- Tags: Limited Liability Partnership, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2022
- 5 Marks
BCL – Nov 2024 – L1 – Q5b – Registrar’s Power to Refuse Firm Registration
Circumstances under which the Registrar of Companies may refuse to register a firm or partnership.
Find Related Questions by Tags, levels, etc.
- 6 Marks
BL – Nov 2020 – L1 – SB – Q1c – Partnership Law
Assess the impact of government regulation, partner's death, and a new investor's involvement on a partnership.
Question
Ade and Tola entered into a partnership for the sole purpose of importing cars with an engine capacity of 6-horsepower. The government has just passed a law banning the importation of cars of more than 4-horsepower. Recently, one of the partners in the firm died after the registration of the partnership. The surviving partner intends to introduce a rich man who is interested only in investing his money in the business of the firm but not in its management.
Required:
Examine the effects of the following on the partnership:
i. The law passed by the government.
ii. The death of one of the partners immediately after the registration of the firm.
iii. The status of the new partner who is interested only in investing his money in the business of the firm and not in the management.
Find Related Questions by Tags, levels, etc.
- 6 Marks
BL – Nov 2020 – L1 – SB – Q1b – Partnership Law
Define a partnership deed and list essential items it must contain.
Find Related Questions by Tags, levels, etc.
- Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- 1 Marks
BL – May 2013 – L1 – SA – Q9 – Partnership Law
This question tests knowledge of the applicability of the English Partnership Act (1890) in Nigerian states.
Find Related Questions by Tags, levels, etc.
- Tags: English Law, Partnership Act, Partnership Law
- Level: Level 1
- 15 Marks
BL – May 2014 – L1 – SB – Q4 – Partnership Law
Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.
Question
a. “Every company must, by law, have a Secretary. A company may also serve as a Secretary to another company. However, a sole director may not be the Secretary of a company. The Company Secretary is the Chief Administrative Officer of the company”.
Required: State FIVE duties of a Company Secretary. (5 Marks)
b. At common law, a Secretary was regarded as a mere servant who should do what he was told to do and could NOT bind the company in any way. This notion has since been corrected by the Companies and Allied Matters Act CAP C20 LFN 2004.
Required: State FIVE persons qualified to be appointed as Company Secretary of a public company under the Companies and Allied Matters Act. (5 Marks)
c. Partnership contract is based on confidence, good faith, and trust between the partners.
Required: Explain TWO circumstances in which a non-partner could benefit from the profits of a partnership. (5 Marks)
Find Related Questions by Tags, levels, etc.
- 5 Marks
BL – Nov 2013 – L1 – SB – Q5c – Partnership Law
Advising partners on the liability for partnership debts.
Question
Yaya and Omegie contributed money to do business together and they both invited Obi to join them in the business. The firm traded for four years without making a profit but incurred a huge debt of N45,000,000. Yaya wants to leave the business and the debts to Omegie and Obi to pay.
You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Debt Obligation, Joint Liability, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 5 Marks
BL – Nov 2013 – L1 – SB – Q5b – Partnership Law
Stating five implied authorities of partners under the law of partnership.
Find Related Questions by Tags, levels, etc.
- Tags: Business Authority, Implied Authority, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 1 Marks
BL – Nov 2013 – L1 – SA – Q15 – Partnership Law
Identifies the membership limit for a partnership in accountancy practice.
Find Related Questions by Tags, levels, etc.
- Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
- 1 Marks
BL – May 2022 – L1 – SA – Q17 – Partnership Law
Identify the attribute of a limited liability partnership (LLP).
Question
Which of the following is an attribute of a limited liability partnership (LLP)?
A. Minimum membership of three
B. For finance business only
C. Minimum capitalisation of ₦10,000
D. Perpetual succession
E. Dissolution on death of designated partner
Find Related Questions by Tags, levels, etc.
- Tags: Limited Liability Partnership, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2022
