(1)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.
(2)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.
[F1(3)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.]
Textual Amendments
F1S. 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 etc. (not altering text)
C1S. 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)
C2S. 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)