PARTNERSHIP LAW OF LAGOS STATE

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

PARTNERSHIP LAW

ARRANGEMENT OF SECTIONS

PART 1 – PARTNERSHIP

Nature of partnerships

1.       Nature of partnerships

2.       Rules for determining existence of partnership

3.       Postponement of rights of certain persons in case of insolvency

Relations of partners to persons dealing with them

4.       Power of partner to bind firm

5.       Partners bound by acts on behalf of firm

6.       Partner using credit of firm for private purposes

7.       Effect of notice that firm will not be bound by acts of partner

8.       Liability of partners

9.       Liability of firm for wrongs

10.     Misapplication of money or property

11.     Liability for wrongs joint and several

12.     Improper employment of trust property for partnership purposes

13.     Persons liable by “holding out”

14.     Admissions and representations of partners

15      Notice to acting partner to be notice to firm

16.     Liabilities of incoming and outgoing partners

17.     Revocation of continuing guaranty by change in firm

Relations of partners to one another

18.     Variations by consent of terms of partnership

19.     Partnership property

20.     Property bought with partnership money

21.     Conversion into personal estate of land held as partnership

22.     Procedure property against partnership property for partner’s separate judgement debt

23.     Rules as to interests and duties of partners

24.     Expulsion of partner

25.     Retirement from partnership

26.     Presumption where partnership for term continued over

27.     Duty to render accounts

28.     Accountability for private profits

29.     Duty not to compete with firm

30.     Rights of assignee

Dissolution of Partnership

31.     Dissolution by expiration or notice

32.     Dissolution by death, bankruptcy or charge

33.     Dissolution by illegality of partnership

34.     Dissolution by the court

35.     Rights of persons dealing with firm against apparent members

36.     Right to notify dissolution

37.     Authority of partners for purposes of winding up

38.     Rights as to application of partnership property

39.     Apportionment of premiums when partnership prematurely dissolved

40.     Where partnership dissolved for fraud or misrepresentation

41.     Right of outgoing partner in certain cases to share profits made after dissolution

42.     Outgoing partner’s share a debt

43.     Distribution of assets on final settlement

PART 2 –LIMITED PARTNERSHIPS

44.     Limited partnerships

45.     Limited partnership to be registered

46.     Appointment of registrar

47.     Manner of registration

48.     Registration of changes in partnership

49.     Notice of change in status of general partner or assignment of share of limited partner

50.     Duties of registrar

51.     Inspection of statements registered

52.     Modification of general law in case of limited partnerships

53.     Application of Part I

54.     Power to make regulations

55.     False statement

PART 3 – LIMITED LIABILITY PARTNERSHIP

56.     Formation of a limited liability partnership

57.     Registrar of a limited liability partnership

58.     Registration of limited liability partnership

59.     Certificate of registration

60.     Registration agent

61.     Application of provisions relating to partnerships

62.     Use of abbreviations

63.     Conditions for refusal

64.     Partners of a limited liability partnership

65.     Agreement between partners

66.     Liability of a partner  

67.     Ex-partner

68.     Designated partners

69.     Notices

70.     Tax on income

71.     Regulatory powers

72.     Regulations

73.     Liabilities of management partners

74.     Subscribed amount

75.     Bond

76.     Annual returns

77.     Mortgage or charge

78.     Dissolution of a limited liability partnership

79.     Offences

80.     Business name

81.     Proceedings

PART 4 – MISCELLANENOUS

82.     Interpretation

83.     Citation and commencement

SCHEDULE

PARTNERSHIP LAW

A LAW TO MAKE CERTAIN PROYISIONS IN RELATION TO PARTNERSHIPS, LIMITED PARTNERSHIPS AND LIMITED  LIABILITY PANTNERSHIPS IN LAGOS STATE AND FOR CONNECTED PURPOSES

[Commencement]                                                 [4th August 1958]

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA