ACCA F4 - Corp and Business Law (ENG)

167

Partnerships

Topic list Syllabus reference

1 Partnerships D2(a)

2 Forming an unlimited liability partnership D2(b)

3 Terminating an unlimited liability partnership D2(e)

4 Authority of partners in an unlimited liability

partnership

D2(c)

5 Liability of partners in an unlimited liability

partnership

D2(d)

6 Limited liability partnerships D2(a – e)
e

Introduction

Partnerships are a common form of business organisation and are commonly
used for small businesses and some professional businesses, for example
accountants.

Partnerships are a group of individuals who have an agency relationship with
each other. We shall look at how partnerships are formed and later terminated,
then at how relationships with other partners and with third parties work.