The Incorporated Private Partnerships Act, 1962
Section 35: (1) Subject to the provisions of this Act the mutual rights and duties of the partners whether ascertained by agreement or by the provisions of this section may be varied by the consent of all the partners and such consent may be either express or inferred from a course of dealing.
(2) Subject to any agreement, express or implied, the following rules shall apply, that is to say,
(a) all the partners shall be entitled to share equally in the capital and profits of the firm and shall contribute equally towards the losses sustained by the firm;
(b) the firm shall indemnify every partner in respect of payments made and personal liabilities incurred by him,
(i) in the ordinary and proper conduct of the business of the firm; or
(ii) in or about anything necessarily done for the preservation of the business or property of the firm;
(c) a partner, making, for the purpose of the firm, any actual payment or advance beyond the amount of capital which he has agreed to subscribe shall be entitled to interest at the rate of five per centum per annum from the date of payment or advance;
(d) notwithstanding that the partnership agreement provides for payment of interest on the capital subscribed by any partner, a partner shall not be entitled to payment of such interest before the ascertainment of the profits of the firm;
(e) every partner may take part in the management of the business of the firm;
(f) no partner shall be entitled to remuneration for acting in the firm's business;
(g) no person may be introduced as a partner without his consent and the consent of all the existing partners;
(h) any difference arising as to ordinary matters connected with the firm's business may be decided by a majority of the partners, but no change may be made in the nature of the firm's business without the consent of all the existing partners;
(i) the partnership books and accounts shall be kept at the place of business of the firm or the principal place of business if there is more than one.
(3) Subject to any express agreement, on any partner ceasing to be a partner in the firm the provisions of subsections (3), (4) and (5) of section 41 of this Act shall apply.
Procedure to Follow
1. Applicant may purchase and complete Form A for Incorporation of Partnership from the in-house bank or Download
2. Provide stamped Partnership agreement at Land Valuation Board
3. Submit filled forms at the Partnership Registration Counter for Verification and Capturing or via Online
4. Pay processing fee of GHS160.00 at the in-house bank or via Online
5. Registrar Examines, Approves & Issues Certificate of Incorporation As well as CERTIFIED TRUE COPY(CTC) of Form B
6. File Annual Returns at Fifty Ghanaian Cedi(GHS 50) together with Audited Account...
Responsible Institution
- Email: info@rgd.gov.gh
- Website: https://www.rgd.gov.gh
- GPS: GA-143-4647
- Telephone: +233 302 664 691-93
Relevant Forms to Download
Not Available
Online System
Link Unavailable
Fees/ charges
Not Avaiable
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