Topic: Alternative forms and constitutions of business organisations

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  • 8 Marks

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.

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)

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  • 20 Marks

BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations

Discuss the typical provisions in a partnership agreement and the steps required when a partner retires.

a) What provisions should typically be contained in a Partnership Agreement? (10 marks)

b) Upon the retirement of a partner in a Partnership, after that partner had given notice to that effect to the other partners, describe the steps that ought to be taken by the remaining partners pursuant to the notice, in accordance with law. (10 marks)

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  • 5 Marks

BCL – Nov 2016 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

List applicable rules in a partnership in the absence of a contrary agreement.

List FIVE applicable rules in a partnership in the absence of a contrary agreement.

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  • 15 Marks

BCL – Nov 2016 – L1 – Q4a – Alternative Forms and Constitutions of Business Organisations

Determine whether partners remained after notice of retirement under the Incorporated Private Partnership Act, 1962 (Act 152).

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Nti informed the Management of his and Mrs. Obeng’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January 2015, Mr. Kofi Nti and Mrs. Obeng withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and Jeff, one of the partners, obtained an order of the High Court directing Mr. Kofi Nti and Mrs. Obeng to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Nti and Mrs. Obeng ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Nti and Mrs. Obeng remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

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  • 10 Marks

BCL – May 2021 – L1 – Q5b – Alternative Forms and Constitutions of Business Organisations

Advising on partnership liabilities and the consequences of breaching a partnership agreement.

Adjato and Hilda are in partnership, providing forensic services to the Ghana Police Service. The partnership agreement states that all scientific equipment is to be supplied by Johnny and that neither partner may incur a liability of more than GH¢3,000 without consulting the other. Although Adjato contributed all the Firm’s initial capital, he does not have any active involvement and rarely visits its premises. Hilda receives a salary and works full-time for the Firm.

Required:
It has come to the notice of Adjato that Hilda has ordered GH¢5,000 worth of equipment from Barclays Ltd without consent by both parties. Advise Adjato. (10 marks)

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  • 10 Marks

BCL – May 2021 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Listing the advantages of forming an incorporated company.

The desire to form an incorporated company is the legal wish of one or more persons. State FIVE (5) advantages that exist for persons who form an incorporated company. (10 marks)

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  • 6 Marks

BCL – May 2018 – L1 – Q5c – Alternative Forms and Constitutions of Business Organizations

State four advantages of registering a company.

c) State FOUR advantages of registration of a company. (6 marks)

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  • 8 Marks

BCL – May 2018 – L1 – Q5a – Alternative Forms and Constitutions of Business Organization

Explain the position of a registered firm and the rights and liabilities of its members.

a) Azonto, Seamajolly, and Araba registered a firm of quantity surveyors under the name King & Associates.

Required:
Explain the position of the firm after registration and the rights and liabilities of the members of the firm towards each other. (8 marks)

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  • 5 Marks

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

Advise on the registration requirements for an association under the Companies Act, 2019 (Act 992).

b) A 30-member youth group came together for the purpose of social gathering and to have fun. They called their group Bagawire Association. Soon, the group, from voluntary contributions, accrued some amount of money (from financial gains) from their indirect transactions. At the end of each year, they declared what they described as “Dividends.” An argument ensued among them with some saying that they should register the group as a company now that they are making financial gains, while others disagreed.

Required: Advise the group in respect of the requirement under the Companies Act, 2019 (Act 992) for the proposed registration.                              (5 marks)

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  • 4 Marks

BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations

List of particulars required for sole proprietorship registration with the Registrar-General.

List FOUR (4) particulars for registration with the Registrar-General by a sole proprietor. (4 marks)

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  • 8 Marks

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.

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)

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  • 20 Marks

BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations

Discuss the typical provisions in a partnership agreement and the steps required when a partner retires.

a) What provisions should typically be contained in a Partnership Agreement? (10 marks)

b) Upon the retirement of a partner in a Partnership, after that partner had given notice to that effect to the other partners, describe the steps that ought to be taken by the remaining partners pursuant to the notice, in accordance with law. (10 marks)

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  • 5 Marks

BCL – Nov 2016 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

List applicable rules in a partnership in the absence of a contrary agreement.

List FIVE applicable rules in a partnership in the absence of a contrary agreement.

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  • 15 Marks

BCL – Nov 2016 – L1 – Q4a – Alternative Forms and Constitutions of Business Organisations

Determine whether partners remained after notice of retirement under the Incorporated Private Partnership Act, 1962 (Act 152).

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Nti informed the Management of his and Mrs. Obeng’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January 2015, Mr. Kofi Nti and Mrs. Obeng withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and Jeff, one of the partners, obtained an order of the High Court directing Mr. Kofi Nti and Mrs. Obeng to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Nti and Mrs. Obeng ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Nti and Mrs. Obeng remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

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  • 10 Marks

BCL – May 2021 – L1 – Q5b – Alternative Forms and Constitutions of Business Organisations

Advising on partnership liabilities and the consequences of breaching a partnership agreement.

Adjato and Hilda are in partnership, providing forensic services to the Ghana Police Service. The partnership agreement states that all scientific equipment is to be supplied by Johnny and that neither partner may incur a liability of more than GH¢3,000 without consulting the other. Although Adjato contributed all the Firm’s initial capital, he does not have any active involvement and rarely visits its premises. Hilda receives a salary and works full-time for the Firm.

Required:
It has come to the notice of Adjato that Hilda has ordered GH¢5,000 worth of equipment from Barclays Ltd without consent by both parties. Advise Adjato. (10 marks)

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  • 10 Marks

BCL – May 2021 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Listing the advantages of forming an incorporated company.

The desire to form an incorporated company is the legal wish of one or more persons. State FIVE (5) advantages that exist for persons who form an incorporated company. (10 marks)

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  • 6 Marks

BCL – May 2018 – L1 – Q5c – Alternative Forms and Constitutions of Business Organizations

State four advantages of registering a company.

c) State FOUR advantages of registration of a company. (6 marks)

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  • 8 Marks

BCL – May 2018 – L1 – Q5a – Alternative Forms and Constitutions of Business Organization

Explain the position of a registered firm and the rights and liabilities of its members.

a) Azonto, Seamajolly, and Araba registered a firm of quantity surveyors under the name King & Associates.

Required:
Explain the position of the firm after registration and the rights and liabilities of the members of the firm towards each other. (8 marks)

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  • 5 Marks

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

Advise on the registration requirements for an association under the Companies Act, 2019 (Act 992).

b) A 30-member youth group came together for the purpose of social gathering and to have fun. They called their group Bagawire Association. Soon, the group, from voluntary contributions, accrued some amount of money (from financial gains) from their indirect transactions. At the end of each year, they declared what they described as “Dividends.” An argument ensued among them with some saying that they should register the group as a company now that they are making financial gains, while others disagreed.

Required: Advise the group in respect of the requirement under the Companies Act, 2019 (Act 992) for the proposed registration.                              (5 marks)

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  • 4 Marks

BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations

List of particulars required for sole proprietorship registration with the Registrar-General.

List FOUR (4) particulars for registration with the Registrar-General by a sole proprietor. (4 marks)

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