Summary SQE 1
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
Información del documento
- Subido en
- 3 de diciembre de 2023
- Número de páginas
- 3
- Escrito en
- 2023/2024
- Tipo
- Examen
- Contiene
- Preguntas y respuestas
