THE BOOK


 

 

Twomey: Partnership Law (2000) Butterworths.
By Michael Twomey B.C.L., LL.M., Solicitor
Publication date: July 2000 

Price: £95.00 approx.
Page Format: Hardback. ISBN: 185 475 8853

 

 

Partnership Law is the first Irish textbook on this important area of law. It is both comprehensive (over 900 pages) and practical and has received the following reviews:

 

Reviews

 

 

·        “a magnificent achievement…..his overview of partnership law in all Commonwealth jurisdictions is invaluable” New Law Journal (UK)

 

·        “a book which no law library in a common law jurisdiction should be without” Solicitors Journal (UK) 

 

 

The book is written for

  • accountants: who advise and audit partnerships
  • tax advisers: who advise on the use of ordinary and limited partnerships for tax purposes
  • lawyers: who advise on setting up partnerships, on the rights and liabilities of partners and the dissolution of partnerships
  • professionals: who are themselves partners and wish to be appraised of their rights and duties in the firm
  • students: who need to be aware of this very relevant area of business law

 

 

Some of the important issues covered in the book are:

Does a partnership exist? does one exist and what steps should be taken to ensure that people are not deemed to be partners so as to avoid unlimited liability? 

The rights and duties of partners: to manage the firm, to share in profits, to use the firm’s goodwill and other property, to admit new partners, to expel existing partners, fiduciary duties owed by partners to one another etc.

How to draft a partnership agreement: the many shortcomings of the Partnership Acts 1890-1994 and of the common law are analysed and practical advice is given on the drafting of partnership agreements to counter these shortcomings.

Litigation by and against a partnership: a comprehensive analysis of the Rules of the Superior Courts (RSC 14), of the Circuit Courts (CCR 7) and of the District Courts (DCR 39) for instituting proceedings by a partnership and against a partnership. 

Litigation between partners: detailed discussion of the many Irish cases involving actions between partners, such as the action for an account of partnership dealings, appointment of receivers and managers to firms and injunctions between members of a partnership etc.

Liability of a partner for the acts of his co-partner: including the liability of an incoming partner for existing obligations and the liability of a former partner for obligations incurred after he/she leaves.

Dissolution and winding up of partnerships: dissolution by acts of the partners, by court order under s 35, the bankruptcy of partnerships and the winding up and distribution of assets. 

Limited partnerships: limited partnerships formed under the Limited Partnerships Act 1907 and investment limited partnerships formed under the Investment Limited Partnerships Act 1994 in view of their role in venture capital investments, tax-based financing and collective investment schemes. 

Advantages and disadvantages of partnerships over companies: structural, tax, accounting and disclosure advantages considered in the light of the move towards limited liability for professional partnerships elsewhere. 

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