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Partnership and LLP Law, which is now in its eight edition, covers the essential principles of both partnership law and the law relating to limited liability partnerships. In addition to explaining established principles it explores the unresolved issues in partnership law, including fixed share partnerships and whether partners can be workers, dissolution by acceptance of repudiatory breach, abandonment and mutuality, liability for equitable wrongs, the authority of a partner winding up a partnership, and the availability of equitable or common law remedies for breaches of the partnership agreement. The new edition includes a greatly expanded analysis of limited liability partnerships signifying the growth in importance of this type of entity and the development of a distinct area of law. LLP law is still evolving and combines both corporate and partnership elements which creates legal and practical difficulties. The book considers and provides answers to these problems. It analyses for example, the question as to whether a person can be both a member and an employee of an LLP. Limited partnerships are also considered in detail in response to their recent revival as investment vehicles and recent developments on access to information and derivative actions by limited partners.


Geoffrey Morse and Thomas Braithwaite

This book explains the legal framework within which partnerships, limited partnerships, and limited liability partnerships (LLPs) operate in England and Wales. In relation to partnerships, it deals first with the characteristics and essential elements for a partnership to exist; the distinction between partners, creditors, and employees; and the interaction between partnerships and public regulation. The book then deals with the two major consequences of a partnership, the liability of partners to third parties for actions taken by their fellow partners and the duties and liability of each partner to the other partners. It then identifies and explores the assets which have become partnership property. The issues relating to dissolution follow, setting out how a partnership may be dissolved (in full or in part) and the procedures to effect that. The impact of the insolvency of the firm and/or bankruptcy of the partners is covered. The rapid rise of the use of limited partnerships is explained together with the modifications to partnership law and the creation of private fund limited partnerships. In relation to LLPs, after setting out the background to the legislation and explaining its structure, it examines the requirements for the creation of LLPs, how they are incorporated, and the consequences of their incorporation as separate legal entities. It then explores what membership of an LLP entails, including the interrelation of membership with employment and worker status, and the relations between members and the LLP and between the members themselves. It then looks at the default provisions, the role of the LLP Agreement, and the extent to which contractual doctrines such as repudiation and frustration apply to that agreement. Finally, the book looks at decision-making within an LLP, termination of a member’s membership, and insolvency and dissolution of the LLP itself.