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Summary SQE 1

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Formation of traditional parntership - CORRECT ANSWER-No formalities - partnership = persons carrying on a business in common with a view to making a profit. - Can arise without intention. Liability in a partnership - CORRECT ANSWER-Unlimited personal liability - Contractual: Every partner jointly liable in respect all debts and obligations incurred by the partnership - Tortious: Partner's liability = joint and severable Relationship between partners within a partnership - CORRECT ANSWER-Fiduciary Taxation of partnership - CORRECT ANSWER-Partnerships are tax transparent. Partners pay tax on income. The partnership entity is not taxed. Why are partnership agreements important for partnership - CORRECT ANSWER-Partnership Act 1890 provides default provisions - which may or may not suit the needs of the firm

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