Alternative forms and constitutions of business organisations – Page 2

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 – 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.

Question

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)

Answer

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Tags: Company Law, Legal Requirements, Partnership Agreement, Retirement of Partners
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2016

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.

Question

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

Answer

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Tags: Agreement, Ghana, Partnership, Rules
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2016

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).

Question

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.

Answer

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Tags: Ghana, Legal obligations, Partnership, Retirement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2016

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

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

Question

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)

Answer

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Tags: Breach of Agreement, Partnership, Partnership Agreement, Partnership Liability
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2021

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

Listing the advantages of forming an incorporated company.

Question

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)

Answer

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Tags: Business Advantages, Incorporated Company, Legal Entity
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2021

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

State four advantages of registering a company.

Question

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

Answer

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Tags: Business Advantages, Company Registration, Legal Personality
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2018

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.

Question

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)

Answer

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Tags: Firm Registration, Partner Liabilities, Partnership Law
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2018

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).

Question

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)

Answer

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Tags: Associations, Companies Act, Company Registration
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2023

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

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

Question

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

Answer

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Tags: Business Registration, Legal Requirements, Sole Proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2019

BCL – Nov 2019 – L1 – Q2b – Alternative forms and constitutions of business organisations

Advantages and disadvantages of forming a sole proprietorship.

Question

It appears that many Ghanaians prefer to own their businesses without going through the cumbersome details of forming an incorporated company limited by shares.

Required:
State TWO (2) advantages and TWO (2) disadvantages of forming sole proprietorship. (4 marks)

Answer

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Tags: Business Advantages, Business Disadvantages, Business Formation, Sole Proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2019

BCL – Nov 2017 – L1 – Q7 – Alternative forms and constitutions of business organisations

Analyze the legality of a partnership's formation and the circumstances under which a partner may be expelled.

Question

a) Kwasi Mensa, aged 21 years, Patience Adibu, aged 14 years, and Kojo Ntim, aged 20 years, agreed to form a partnership. Available information, however, showed that Kojo Ntim was admitted to a psychiatric hospital for 2 years and was later discharged. In the case of Kwasi Mensa, he was declared bankrupt after he could not meet his financial obligations to a company in which he had previously invested. The three, however, went ahead and formed a partnership known as KKK firm.

Required:
Explain whether the KKK firm was formed in accordance with law. (5 marks)

b) State the reasons for which the Courts may order the expulsion of a partner. (10 marks)

c) What advantages does a partnership have over a company? (5 marks)

(Total: 20 marks)

Answer

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Tags: Advantages of Partnership, Capacity, Expulsion, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

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

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

Topic: Alternative forms and constitutions of business organisations

BCL – July 2023 – L1 – Q4d – Alternative Forms and Constitutions of Business Organizations

Identify conditions under which the Registrar of Companies may refuse to register a partnership.

Question

Kwami Tihosu, James Jamara, Kisifri Kodiabe decided to form a partnership for their professional business. They submitted particulars for registration. The Registrar of Companies has refused to register the partnership.

Required:

Under what FOUR (4) conditions may the Registrar of Companies refuse to register a partnership? (6 marks)

Answer

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Tags: Business Law, Partnership Registration, Registrar of Companies
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: JULY 2023

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

Question

Lucy Kondomire and Adele Amaney have been engaged in the formation of a private company limited by shares to engage in a curtain business. They are very eager to win a contract to supply the new Parliament House with 3,000 yards of curtains as part of a planned refurbishment of the Chamber of Parliament. They are optimistic of being awarded the contract in view of the President’s campaign to promote locally produced and manufactured goods. They have already proposed the name of the company to be “Nyamenehene Curtains Plaza.” The company is to be registered with 1,000,000 ordinary shares of no-par value and fully subscribed 600,000 and 400,000 shares respectively. In view of this, they have approached you as a Consultant to take over the process of incorporating their company as quickly as possible to enable them to win the contract. They have expressed their desire to pay any fee possible if the process is completed within five days.

Required:
i) State EIGHT (8) requirements for the incorporation of a company to Lucy Kondomire and Adele Amaney. (6 marks)
ii) If it turned out later that Adele Amaney did not pay fully for the shares she subscribed to, and have not been issued with a share certificate, what would be the implication of this occurrence? (4 marks)

Answer

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Tags: Business Formation, Company Incorporation, Corporate Law, Shareholding
Level: Level 1

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

Topic: Alternative forms and constitutions of business organisations

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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 – 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.

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.

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).

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

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

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

Listing the advantages of forming an incorporated company.

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

State four advantages of registering a company.

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.

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).

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

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

BCL – Nov 2019 – L1 – Q2b – Alternative forms and constitutions of business organisations

Advantages and disadvantages of forming a sole proprietorship.

BCL – Nov 2017 – L1 – Q7 – Alternative forms and constitutions of business organisations

Analyze the legality of a partnership's formation and the circumstances under which a partner may be expelled.

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 – July 2023 – L1 – Q4d – Alternative Forms and Constitutions of Business Organizations

Identify conditions under which the Registrar of Companies may refuse to register a partnership.

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

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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 – 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.

You're reporting an error for "BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations"

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.

You're reporting an error for "BCL – Nov 2016 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations"

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).

You're reporting an error for "BCL – Nov 2016 – L1 – Q4a – Alternative Forms and Constitutions of Business Organisations"

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

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

You're reporting an error for "BCL – May 2021 – L1 – Q5b – Alternative Forms and Constitutions of Business Organisations"

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

Listing the advantages of forming an incorporated company.

You're reporting an error for "BCL – May 2021 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations"

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

State four advantages of registering a company.

You're reporting an error for "BCL – May 2018 – L1 – Q5c – Alternative Forms and Constitutions of Business Organizations"

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.

You're reporting an error for "BCL – May 2018 – L1 – Q5a – Alternative Forms and Constitutions of Business Organization"

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).

You're reporting an error for "BCL – Nov 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations"

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

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

You're reporting an error for "BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations"

BCL – Nov 2019 – L1 – Q2b – Alternative forms and constitutions of business organisations

Advantages and disadvantages of forming a sole proprietorship.

You're reporting an error for "BCL – Nov 2019 – L1 – Q2b – Alternative forms and constitutions of business organisations"

BCL – Nov 2017 – L1 – Q7 – Alternative forms and constitutions of business organisations

Analyze the legality of a partnership's formation and the circumstances under which a partner may be expelled.

You're reporting an error for "BCL – Nov 2017 – L1 – Q7 – Alternative forms and constitutions of business organisations"

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).

You're reporting an error for "BCL – Mar 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations"

BCL – July 2023 – L1 – Q4d – Alternative Forms and Constitutions of Business Organizations

Identify conditions under which the Registrar of Companies may refuse to register a partnership.

You're reporting an error for "BCL – July 2023 – L1 – Q4d – Alternative Forms and Constitutions of Business Organizations"

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

You're reporting an error for "BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations"

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