Online Signature Lawfulness for Assignment of Partnership Interest in UAE

How to eSign a document: online signature lawfulness for Assignment of Partnership Interest in UAE

this is a lecture from open tuition to benefit from the lecture you should download the free lecture notes from open tuition calm okay we're still on partnership and this is the third part of partnership international partnerships now this I found this a difficult area and I found it difficult because it's not a typical f-for question now the fallin off for two marks but it's within your syllabus and it's only brief and I don't have a lot to add quite honestly other than what's in the notes so this next bit may appear to be just me reading as well talk a bit as well but there is right at the end of this this chapter there is a section where I'm do look at the difference between partnerships and limited comes so hang on just be brave and hang on through not very many minutes before we get to that the rest of the the lecture the end of partnership international partnerships of French law doesn't recognize partnerships okay but I do look to determine whether a personal group is acting for commerce and if we're a team for commerce then it's like a partnership it's the equivalent of its if it's a team for commerce as a fact the effective people are required to maintain proper records and Rickon record the particulars in the commercial register their acting cause then they shall record that fact there are two people are involved in actually for cost their notice associated does an as an accent that a there should have an accent and in fact it's it's throughout where they are acting commerce vilmos associate a associate is therefore the french equivalent it may be societal norm kollektief or society on command e sound so that's how you have an athlete the French version on Mon Cala TV similar to traditional partnership sadly a separate or limited partnership and the one or more has limited liability now I'm not doing German I'm not doing American I'm not doing yeah basically because I honestly don't think it's worth the effort if you want to if you want to look it up fine if you want to look in a study Tex fine I've no doubt be PP camp and backup no doubt that they will be pursuing at length the possibility of other international partnerships but in my opinion it isn't worth it we're still only international we do look at Muslim law and those of you who follow Islam Muslim persuasion I do hope that you will forgive my pathetic attempts at pronouncing a number of words on this next page anyway here we go do bear with me Muslim law recognizes three types of profit-sharing operations we have which are alpha mode urabá Vishaka in on anyone here would you have recognized us if they weren't written down in front of you Musharraf care is very similar to traditional participants poor resources had to invest in a commercial venture decision taking share profits and losses are shared moved out our versatility okay Punisher where one or more of the thought mistakes no active part so we're looking like a limited partnership or a traditional partnership of the dormant or sleeping partner they invest in the firm and the share and the first profits the investment itself does not bear interest again bear with me I have no personal experience of this but Muslim law prevents interest from being charged on loans but a return by where profit is not a bit so may I assume that Underwood or Alba where a person invests in adventure for a share profits what am i right is saying that their share of profits is increased when calculating the share is increased to compensate for the interest for gone I don't know but anyway that's what Lord Rama is somebody contributes our contribution hoping to get a return on that contribution but not interest on your share profits Shekhar I know has the appearance of traditional partnership and have parties with invest money more of the value and their share profits but the parts are not liable for the debts of the other parts individual parts are responsible for the debts that they incur and they can only show on contracts that they themselves have entered into so participants although it's like a traditional partnership where we do share profits my ability is not joint and several so only the contracting party can sue and only the contracting partner can be sued on to that contract and that's all I'm saying on international partnerships but no one has hit that Malekith for this which says learn fast rest as you are aware like mnemonics but learn fast routes is a 13 point mnemonic to you and don't see it ever being asked the unit B after 13 mark West in enemy but you may be asked where you could apply the and limits of the differences between partnerships and limited companies you Mabel to apply them in a 1 or a 2 mark multiple-choice question now what's happened you see I've lost this I don't know how that happens this is where it starts and goes down that's for Miller to repeat it so just have to make adjustment liability for others usually unlimited of course if you're in a limited partnership and then liability is limited to the to the general policy they are unlimited but in a limited partnership or in a limited liability partnership which we came across in the previous lecture then you can have parts with limited liability usually limited remember members of companies usually limited liability it is potentially the case that a member will lose that advantage by being involved in irregular activities with the company in which case the member will lose the advantage of having limited liability but otherwise members have limited liability you could have a normally achieved company where the members have unlimited liability but they are unusual existence no separate legal existence but it doesn't exist the partnership does not exist as a separate person whereas companies do even unlimited companies are separate people accounts no required to file accounts with the governments you required as a partnership to file accounts with Her Majesty's Revenue and Customs the tax authorities but not with the government not with the Registrar of Companies you want if you're a limited liability partnership you're required to file accounts with the Registrar of Companies who is also the Registrar of limited liability partnerships if you're a register if you're a limited partnership under the 1907 night you again have to communicate with the Registrar but you do not have to file against the Registrar has to issue you with a certificate to identify who are the limited powers and the limited partnership is the limited partnership under the 1907 night but you don't have to file financial statements what as we do as companies even little companies have to file financial statements raising capital bonus raise capital mountain cells or invite somebody new to join them and pay in some capital but otherwise it's an informal matter the Cal secured debts by way of floating charge this is a different point raising capital let me go back to the first point I'd come back to my second one raising capital is done internally the firm have a partner's meeting say we're really short of cash can anyone introduce more capital or shall we invite Peter to come and join us and introduce some capital into the firm so it's in form embarrassment they can't raise capital by way of floating challenge floating charges and fixed charges will will come to when we look at company law the law of corporations reflecting charge is available for limited companies even Private Limited companies can pledge their deaths can secure their loans by way of clenching their assets my way floating challenge remember a pole ship is just an everything you and me and two other people and another one and it's just individuals joining together it's a collection of individuals the relationship that subsists between two or more individuals carrying on business in common of the view to profit so it has no separate legal existence and I as a person I'm not able to secure my debts by way of floating charge I can by way fixins charge that's why I have borrow money in order to buy my house because the lender would left me the money to buy the house now has a fixed charge over their house so in the event of that me going bust they will have the house number normally partnerships are limited to 20 not accountants not solicitors lawyers not members of a Stock Exchange and a number of others like estate agents in estate managers so long us at least three-quarters of their partners are members of an appropriate professional organization but accountants or solicitors and stock exchange members they have unlimited that's why press what a scoop is about twelve thousand pounds well write formality firm may be creative a partnership may be created by informal agreement there's no need for formalities no need for written agreements but a company has to have where a formal gonna have formal documentation has to have a constitution a written constitution as half share capital in writing so companies have to have these formalities and company's public um just have to be audited but punished it's done so formalities is another one oh let me see what they will say yeah the next one after formalities probably on your nose behind your net sets the assets assets of a company yeah Nessus of a partnership the partners only assets jointly they jointly owned those answers you can agree and so partner can bring in his favorite desk and say this is my desk I don't want it to be partnerships with partnership assets but otherwise the partnership is affirm on as the ISOs jointly a member of a company has no interest in the assets of the company a member of shares and their shareholding gives him the bundle of rights a collection of rights but they have no insurable interest in the assets of the company after assets comes separate entity a firm doesn't exist as a separate it's just you and me and two others a collection of individuals and we don't exist as a separate entity it does not have a formal identity itself whereas company does have separate personality even though it may be an unlimited company doesn't matter if it's public or private as some attributes quoted or unquote it doesn't matter as a constituted companies come to there is God through the process of creation of registration or or creation it is a separate legal entity but partnerships aren't transfer of interest promise can't transferred remember my son in the last lecture the Mohican green a hostile farmers can't transfer their interest without unanimous consent there is an exception in a limited partnership in a limited partnership under the limited partnerships Act of 1907 the limited Parliament can transfer his interest without unanimous consent the limited partner can't dissolve the firm by notice he can't dissolve it by death or incense he can't resolve it by bankruptcy limited fondant remember can take multi management rather all he can do is put Linnaean and hope to receive a return on investment that's all but he can't transfer is interesting you can say - it's more he consumed you can say look there's my 30% at this limited partnership that you can enjoy the returns off but you can't take part in management members can transfer their shares without exception and well sorry without limitation you can put the restrictions in a company that restricts in a private company the restrictive members availability to transformations but unusual reduction of capital and very easy for us just withdraw the capital we just agreed it will we draw a capital parcel easy to add row' very difficult for companies they've got to go through a process of passing a special resolution getting the consent of the court and it has to be allowed by the Constitution so it's it's jumping through hoops burning hoops backwards with a blindfold on with one leg tied behind your back it's for a company to reduce its capital is very awkward partnerships dead easy active participation phone is very tight-fitted a quality management unless we agree differently if we agree differently you can't members can take part unless the member happens also to have been appointed as a director but then they're taking part in their capacity as a director nothing in the capacity as a member taxation farmers get taxed on their profit sure members don't get taxed on the company profits the company gets taxed corporation tax members get taxed on the dividends that the company pays out but not on the profits that the company makes finally secretary yeah I suppose we could have an uncle me secretary no requirement for partnership firm neither secretary public companies must have a secretary private companies don't need them but public companies must have oh I'm good I do another one in here and then you can you can go on and on it's like comparing it's like comparing the number of available hotel rooms in Baku with a number of average number of apples on a tree in Lithuania the basicness no comparison you think of anything that relates to a partnership and it it will be different for a company they're as different as each other as chalk is from cheese however one more and I sawed it partnerships don't have to have an ordered public companies do you can have an audit they may have if they if they want one [Music] PLC's must have private companies may have so partnerships are similar to private companies but they're quite different than public Commission must have an audit and that's it that's all I'm doing on this one and I see end upon chip I hope you've enjoyed the partnership if like it must be insane there will be questions on partnership and/or agency within the exam there are so many what 45 questions and the example is within these now multiple-choice examinations computer-based examinations have indicated that they will examine across the syllabus so there will be a question on partnership probably okay