Partnership Act 1890

bananie | 19:32 Mon 11th Feb 2008 | Civil

3 Answers

Why are the exceptions to the number of partners allowed to exceed 20 where lawyers, accountants, stock exchange members are concerned and why does the Secretary of State have to give permission for Valuers, Actuaries, Estate Agents et al to be allowed to have more than 20 partners also?

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fredpuli47

At a guess, it's because lawyers, accountants and stock exchange members are deemed by law to be always impeccably honest and honourable citizens, angels on Earth (and why not?) so limitless numbers in a partnership is a good thing, the more the better, whereas valuers, estate agents et al are not so deemed

(I'm surprised the 1890 Act is still in force,by the way)

fredpuli47

Have you looked at The Regulatory Reform (Removal of 20 member limit) Order 2002?

The Department issued a helpful explanatory note to it giving the historic reasons why such a limit was ever imposed.

The Act concerned is not the Partnership Act 1890 itself, anyway. The Acts are the Limitation of Partnerships Act 1907 (s4 is pertinent) the Companies Act 1985 (s 716 and s 717) and the Regulatory Reform Act 2001, it appears.

bananie

Question Author

yeah, sorry tis s716 of the Companies Act 1985. Got them mixed up. Partnership Act 1890 prevails in the absence of any statutory legislation or where no Partnership Agreement exists. Thanks for your help anyway.

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