Description
The Partnership Act (2024 Revision) governs the nature of partnerships in the Cayman Islands. It defines partnership as the relationship between individuals conducting a business together with the aim of making a profit.
The Act specifies that the relation between members of a registered company or association is not considered a partnership under this law. It outlines the rules for determining the existence of a partnership and explains that individuals in a partnership are collectively referred to as a firm.
The Act also addresses the power of partners to bind the firm, the liability of partners, and the rights and duties of partners in various situations such as retirement, expulsion, and competition with the firm.
Additionally, it covers the dissolution of partnerships and the consequences of such dissolution.
The Act also includes provisions related to limited partnerships, including the definition and constitution of limited partnerships, registration requirements, changes in limited partnerships, and modifications of general law.
Finally, the Act emphasizes the continuation of rules of equity and common law applicable to partnerships, except where they conflict with the express provisions of the Act
