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WHERE PARTNERSHIP IS DISSOLVED, PARTNER IS ENTITLED TO BE INDEMNIFIED

Dictum

Where a partnership is dissolved whether mutually, or by a court decree, a partner is entitled to be indemnified for expenses incurred by him genuinely on behalf of the partnership in the ordinary and proper course of its business or necessarily incurred for it’s preservation. See Charlesworth: Mercantile Law, 13th Edition, P.219 paragraph 8.

— Wali, JSC. Yesufu v. Kupper Intl. (1996) – SC.302/1989

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ANY PARTNER MAY DETERMINE THE END OF PARTNERSHIP WHERE UNDEFINED

The legal position is that any member of a partnership, the duration of which is undefined as in the present case, is at liberty subject to any agreement between the partners, to determine the whole partnership at any moment he pleases. The right must of course be exercised bona fide, and not for the purpose of an undue advantage from the state of the partnership’s engagements. No question of that kind arises here… See Neilson V Mossend Iron Company & Ors. (1986) 1 A.C. 298.

— Ogwuegbu, JSC. Yesufu v. Kupper Intl. (1996) – SC.302/1989

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DEFINITION OF PARTNERSHIP BUSINESS

A partnership business is a voluntary association of two or more persons who jointly own or carry on a business with the sole aim of making profit. – Rhodes-Vivour JSC. Alade v. Alic (2010)

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