Partnership Law – Page 2

BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

Question

Comment on the legality of the following relationships operating as partnerships:

i. A partnership of 16 persons established for charitable purposes
ii. Adex cooperative society consisting of 500 members
iii. Black and Blue law firm consisting of 31 lawyers
iv. Stone Partnership firm comprising Segun aged 28, Tunde aged 17
v. A partnership of volunteers for the purpose of helping persons displaced by flood.

Answer

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Tags: Charitable Purpose, Cooperative Society, Law Firm, Legal Entity, Minor Partnership, Partnership, Volunteers
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

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.

Answer

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Tags: Dormant Partner, Government Regulation, Partner Death, Partnership Investment, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

Question

A partnership may be formed with or without formality.

Required: i. What is a partnership deed?
ii. State FOUR items which a partnership deed must contain.

Answer

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Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
Level: Level 1

Topic: Partnership Law

BL – Nov 2020 – L1 – SA – Q3 – Partnership Law

Objective questions testing knowledge on Nigerian government functions, customary law, and partnership structures.

Question

A partnership in which all members are involved in the management of the firm’s business is
A. General partnership
B. Government partnership
C. Limited partnership
D. Active partnership
E. Supreme partnership

Answer

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Tags: Equity, Natural Justice, Partnership Types
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

Question

What must a partner do by himself in order to dissolve the partnership in which he is a partner?

Answer

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Tags: Business Law, Notice, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q17 – Partnership Law

Identify the usual range of membership in a general partnership.

Question

The membership of a general partnership is usually from:

A. Two to twenty persons
B. Two to twenty-five persons
C. One to thirty persons
D. One to twenty-five persons
E. Three to twenty-five persons

Answer

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Tags: Business Law, Membership, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q8 – Partnership Law

Identify the activity that an un-discharged bankrupt cannot engage in.

Question

In which of the following shall an un-discharged bankrupt NOT engage?

A. Travel outside the country
B. Attend shareholders’ meeting of a company
C. Enjoy public amenities
D. Contest in an election for an elective office
E. Contribute to a public debate

Answer

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Tags: Bankruptcy, Business Law, Restrictions
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

Question

(a) “It is not necessary for any two or more persons who intend to enter into a partnership to enter into any formal agreement. Where, however, they decide to do so, such agreements must have certain minimum contents.”

State any SIX of these minimum contents. (6 Marks)

(b) Femi and Solape entered into an agreement to contribute equal amounts to buy books. They purchased the books and shared them between themselves for sale. Subsequent to the initial purchase, however, Femi purchased books alone. Solape demanded that she share equally with Femi the profit made from the sale of the books, but Femi refused on the ground that Solape had not contributed towards the purchase of the books. Solape threatened to institute a court action for one half of the profit made on the sale of the books, claiming a partnership agreement. The written agreement between them was for sharing of the books purchased, not for sharing of the profit.

You are required to advise the parties. (9 Marks)

Answer

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Tags: Business Law, Legal Contracts, Partnership Agreement, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

Question

Define “Deferred Debts” in bankruptcy proceedings and give any THREE examples.

Answer

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Tags: Bankruptcy, Debt Hierarchy, Deferred Debts
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

Question

The parties in a partnership arrangement must agree on all of the following EXCEPT:
A. Profit sharing
B. Business management
C. Capital contribution
D. Dissolution
E. Pension reform

Answer

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Tags: Agreement, Business Law, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q4 – Partnership Law

Identify the minimum number of general partners required in a valid limited partnership.

Question

The minimum number of general partner(s) in a valid limited partnership is:
A. Two
B. Three
C. One
D. Four
E. Five

Answer

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Tags: Business Law, General Partner, Limited Partnership, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q17 – Partnership Law

Identify the type of partnership that may exceed twenty members.

Question

Which type of partnership may have more than twenty members?

Answer

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Tags: Large Entities, Partnerships
Level: Level 1

Topic: Partnership Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

Question

Which of the following information is NOT among the particulars required for the registration of a partnership?
A. The firm’s name
B. The general nature of the business
C. The full name of each partner
D. The details of each partner’s bank account
E. The principal place of business

Answer

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Tags: Business Law, Partnership, Registration
Level: Level 1

Topic: Partnership Law
Series: NOV 2012

BL – May 2013 – L1 – SA – Q13 – Partnership Law

This question tests the method of sharing profits where no agreement exists.

Question

In a partnership, where there is no agreement on sharing of profits, how do the partners share the profit?

Answer

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Tags: Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: MAY 2013

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)

Answer

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Tags: Company Secretary, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q16 – Partnership Law

Understanding the effect of a partner's death on the partnership.

Question

What is the effect of the death of a partner on the partnership?

Answer

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Tags: Death of Partner, Partnership, Termination
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q15 – Partnership Law

Identifying the nature of liability of partners in a partnership

Question

The liability of partners in a firm to third parties is ____________.

Answer

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Tags: Liability, Partnership, Third Parties
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q16 – Partnership Law

Understanding the rights of a limited partner in a partnership.

Question

A limited partner must:
A. Take part in the management of the partnership business
B. Not take part in the management of the partnership business
C. Have the power to bind the partnership firm
D. Have power to sign cheques and other documents
E. Have power to introduce a new general partner

Answer

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Tags: Legal Authority, Limited Partner, Partnership Rights
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q15 – Partnership Law

Understanding the implied authority of a partner in a trading firm.

Question

A partner in a trading firm has the following implied authority EXCEPT:
A. Borrowing money on the firm’s credit
B. Pledging the firm’s goods and assets as security
C. Admission of a new partner
D. Drawing, accepting, transferring, or endorsing negotiable instruments in the name of the partnership
E. Instructing a solicitor to recover debts owed to the firm

Answer

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Tags: Implied Authority, Legal Rights, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

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)

Answer

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Tags: Debt Obligation, Joint Liability, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

Topic: Partnership Law

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BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

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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.

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BL – Nov 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

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BL – Nov 2020 – L1 – SA – Q3 – Partnership Law

Objective questions testing knowledge on Nigerian government functions, customary law, and partnership structures.

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BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

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BL – May 2012 – L1 – SA – Q17 – Partnership Law

Identify the usual range of membership in a general partnership.

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BL – May 2012 – L1 – SA – Q8 – Partnership Law

Identify the activity that an un-discharged bankrupt cannot engage in.

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BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

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BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

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BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

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BL – Nov 2011 – L1 – SA – Q4 – Partnership Law

Identify the minimum number of general partners required in a valid limited partnership.

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BL – Nov 2012 – L1 – SA – Q17 – Partnership Law

Identify the type of partnership that may exceed twenty members.

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BL – Nov 2012 – L1 – SA – Q16 – Partnership Law

Identify what information is not required for the registration of a partnership.

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BL – May 2013 – L1 – SA – Q13 – Partnership Law

This question tests the method of sharing profits where no agreement exists.

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BL – May 2014 – L1 – SB – Q4 – Partnership Law

Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.

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BL – May 2014 – L1 – SA – Q16 – Partnership Law

Understanding the effect of a partner's death on the partnership.

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BL – May 2014 – L1 – SA – Q15 – Partnership Law

Identifying the nature of liability of partners in a partnership

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BL – May 2014 – L1 – SA – Q16 – Partnership Law

Understanding the rights of a limited partner in a partnership.

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BL – May 2014 – L1 – SA – Q15 – Partnership Law

Understanding the implied authority of a partner in a trading firm.

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BL – Nov 2013 – L1 – SB – Q5c – Partnership Law

Advising partners on the liability for partnership debts.

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