Partnerships

4. Legal process of winding up and settling a partnership’s affairs
6. Consent level required for fundamental changes under the Act
8. Payments that partners are not entitled to receive for management
9. Partner type whose liability is confined to their capital contribution
13. Contributions measured in partner ratios to fund the partnership
14. Capacity in which each partner can bind the firm in ordinary business
15. Formal documents setting out partners’ business name, capital, and duties
16. Risk borne without limit by general partners under the Act
18. Duty under the Partnership Act 1890 to act in good faith

1. Event causing dissolution when a partner becomes insolvent
2. Action any partner may give to dissolve an open‐ended partnership
3. Methods requiring annual P&L reports and balance sheet preparation
4. Withdrawals partners make against anticipated profits
5. Obligation of the firm to cover partners’ liabilities incurred
7. Financial gains divided among partners per the agreement
10. Formation arising from partners’ conduct without a written agreement
11. Type of partnership contract created by formal articles rather than conduct
12. Removal of a partner only by express provision in the articles
17. External event that automatically ends a partnership’s operation