Section 4 Meaning of firm.
Persons who have entered into partnership with one another are for the purposes of this Act called collectively a firm, and the name under which their business is carried on is called the firm-name.
In Scotland a firm is a legal person distinct from the partners of whom it is composed, but an individual partner may be charged on a decree or diligence directed against the firm, and on payment of the debts is entitled to reliefpro ratâfrom the firm and its other members.
In relation to a limited partnership registered under the Limited Partnerships Act 1907, subsection (2) applies only if the limited partnership was registered by the registrar for Scotland.
Annotations
Textual amendments
- F1
S. 4(3) inserted (26.10.2023 for specified purposes) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 150, 219(1)(2)(b)
Modifications
- C1
S. 4(2) excluded by Agricultural Holdings (Amendment) (Scotland) Act 1983 (c. 46, SIF 2:3), s. 1(3), Sch. 1 para. 3(b) and by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s.119(2)
- C2
S. 4(2) excluded (S.) (25.9.1991) by Agricultural Holdings (Scotland) Act 1991 (c. 55, SIF 2:3), ss. 25(5), 89(2), Sch. 2 Pt. III, para. 3(b) (with s. 45(3), Sch. 12 para. 3)