CAVENDISH PRACTICE NOTES PARTNERSHIP LAW ELSPETH DEARDS SOLICITOR, SENIOR LECTURER IN LAW NOTTINGHAM LAW SCHOOL RUSSELL DEARDS SOLICITOR, ASSOCIATE NELSONS SOLICITORS, NOTTINGHAM SERIES EDITOR CM BRAND, SOLICITOR CP Cavendish Publishing Limited London • Sydney First published in Great Britain 1999 by Cavendish Publishing Limited, The Glass House, Wharton Street, London WC1X 9PX, United Kingdom Telephone: +44 (0) 20 7278 8000 Facsimile: +44 (0) 20 7278 8080 e-mail:
[email protected] Visit our Home Page on http://www.cavendishpublishing.com © Cavendish Publishing Ltd 1999 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE, UK, without the permission in writing of the publisher. Deards, Elspeth Partnership law – (Practice notes series) 1 Partnership – Great Britain I Title II Deards, Russell 346.4'1'0682 ISBN 1 85941 450 8 Printed and bound in Great Britain This book is dedicated to the memory of Pat Berry Preface This book is intended as a starting point both for those called upon to advise partnerships and for those considering the partnership vehicle themselves. Read as a whole, it provides a comprehensive overview of both law and practice, whilst it can also be dipped into by those requiring quick, clear and simple information and advice on any element of the subject. It may act as a refresher for those who are unfamiliar with the topic, and as a springboard for further investigation using the practical advice, contact addresses and suggestions for further reading given. Since the book appears at a time when, having for so long remained relatively static, partnership law is entering a period of fundamental change, we include guidance as to the potential changes. The authors wish to thank all those who have assisted in the preparation of the book, in particular, John Snape for his comments on the chapter on taxation, and Adrian Walters for his comments on the sample partnership agreement. Any errors or omission remain, of course, ours alone. Elspeth Deards and Russell Deards Au