How a partnership arises, how the Partnership Act 1890 governs it, and how unlimited personal liability shapes everything from joining a firm to winding it up.
A partnership can come into existence without any formal agreement at all, and once it does, every partner's personal assets are on the line. This chapter starts with what a partnership is and the elements needed to establish one, then turns to the 1890 Act's default rules on profits, remuneration and decision-making, and the fiduciary duties partners owe one another. It then works through liability to outsiders — contractual debts, wrongful acts and holding out — and the position of incoming and outgoing partners, including how a retiring partner escapes ongoing liability. It closes with expulsion and restrictive covenants, before covering how a partnership dissolves and the statutory order in which its assets are applied.
