Partnership Act 1890: Primary legislation defining partnerships, establishing default rules for partnership operations, and governing partner relationships and liability. Forms the fundamental legal basis for partnership agreements.
Limited Partnerships Act 1907: Legislation governing limited partnership structures, relevant if the family partnership includes both general and limited partners.
Law of Property Act 1925: Critical legislation for handling any real property owned or managed by the partnership, including rules about joint ownership and property transfers.
Income Tax Act 2007: Tax legislation governing how partnership income is taxed, including provisions specific to family partnerships and income splitting.
Taxation of Chargeable Gains Act 1992: Legislation covering capital gains tax implications for partnership assets and transfers between family members.
Inheritance Tax Act 1984: Critical for succession planning in family partnerships, covering tax implications of transferring partnership interests between generations.
Family Law Act 1996: Relevant for understanding how partnership interests may be affected by family disputes or divorce proceedings.
Mental Capacity Act 2005: Important for succession planning and managing situations where partners lose mental capacity to make decisions.
Companies Act 2006: Applicable when the partnership holds shares in companies or interacts with corporate entities.
Financial Services and Markets Act 2000: Relevant if the partnership engages in any regulated financial activities or investments.
