Scots Law

Scottish law questions? Ask a Scots lawyer

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I dj and promote small events once a month as a side project…

Hi, I dj and promote small...
Hi,
I dj and promote small events once a month as a side project In Scotland. Its not a job, more of a hobby that we do.For the last 7 years I have did it in partnership with a friend.
Over the last few years we lost £4646, mostly due to 1 event where the turnout was too low.
A computer was purchased for the events for me to switch to digital djing rather than vinyl
which cost approx £800 (my partner put this on his credit card) This has been retained by me.At that event the dj's and live acts still needed to be paid. My financial situation was not good at the time so my partner put in the money to make up shortfall.Since then we paid my partner back when we made a profit on the events brining it down to £3120.2 months ago my partner said that he didn't want to continue with the club and was leaving. He was happy for me to continue with 'Lets Go Back' event as I had originally set it up 16 years previous.
He would take the other event 'made in glasgow' and continue with this. (he is using it for events and a record label)At the final meeting I said I would continue to pay off the debt from events if they made money . (I have paid over to him £150 so far from 2 events I've done under Lets Go back)
However I assumed it was only half of the current £3100 debt but after speaking to him, he is insisting that all the debt gets paid from my side.Is this correct?
Show More
Show Less
Ask Your Own Scots Law Question
Answered in 1 hour by:
3/16/2016
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12,375
Experience: 30 years as a practising solicitor.
Verified

That isn't likely to be correct. If the partnership finishes with a total capital deficit of £3100 and you were equal partners, then the debts are shared equally between the partners. I assume there is no written partnership agreement and in that case the Partnership Act 1890 applies. You can read that online and you will see that the debts have to shared equally. However, that doesn't just mean that you half the total deficit. You have to ascertain that the profit shares and any monetary drawings have been allocated correctly and that the capital accounts are properly apportioned. To do that you have to ascertain capital introduced and add profits or deduct losses, deduct drawings and end up with a capital account for each partner. That will show what each partner's individual interest in the partnership is. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.

Ask Your Own Scots Law Question
Customer reply replied 2 years ago
Thanks,I take it this is the most relevant part of the act?44 Rule for distribution of assets on final settlement of accounts.
In settling accounts between the partners after a dissolution of partnership, the following rules shall, subject to any agreement, be observed:
(a)Losses, including losses and deficiencies of capital, shall be paid first out of profits, next out of capital, and lastly, if necessary, by the partners individually in the proportion in which they were entitled to share profits:What he is saying is that I am not personally liable but Lets Go back is, therefore the events should pay back the debt.This throws up issues in that,
1 -its not a company,
2 -it isn't guaranteed to make money, fact it may lose money. If it does, he has not liability to pay anything as he's left.
3 - In order to put on any event, I have to put in money personally now as its only me. The risk is on me not him. It seems unfair that by taking that risk then I have to pay when he has no riskFinally what happened with computed, should it be sold and put against debt or should I keep it or should a fee be agreed to pay over to him. (its now worth about £300)These would be my final questions I think, thanks .

Your respective business ventures now as individual traders are not relevant. The agreed termination date of the partnership is the date that everything crystallises, for example, if you kept the laptop then that would be a deduction from your capital account. Future engagements have nothing to do with the cessation of the partnership. You have to establish by preparing a cessation account what the apportionment of the deficit is and deal with it accordingly. I don't think the way your former partner is looking at this is correct.

JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12,375
Experience: 30 years as a practising solicitor.
Verified
JGM and 87 other Scots Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask JGM Your Own Question
JGM
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12,375
12,375 Satisfied Customers
Experience: 30 years as a practising solicitor.

JGM is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks!

RickLeeds, UK

I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks!

Ms. BakerAlfafar, Spain

Thank you so much for your help. Your answers were really useful and came back so quickly. Great!

MaggieUSA

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

< Previous | Next >

Meet the Experts:

Ben Jones

Ben Jones

UK Lawyer

346 satisfied customers

Qualified Solicitor

John Knox

John Knox

Solicitor

226 satisfied customers

Solicitor and Advocate

Kasare

Kasare

Solicitor

26 satisfied customers

I am a practicing solicitor, specialising in litigation, employment and family law

INC

INC

Solicitor-Advocate

3,868 satisfied customers

LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)

Jenny Mackenzie

Jenny Mackenzie

2,760 satisfied customers

Over 10 years experience in general legal matters

Matthew J

Matthew J

Solicitor

334 satisfied customers

4 y PQE (Partner) - Commercial / Residential Property & Property and Civil litigation experience

James Mather

James Mather

7,349 satisfied customers

Senior Partner at Berkson Wallace

< Previous | Next >

Related Scots Law Questions
I have a child with an ex partner. Changes to contact are
I have a child with an ex partner. Changes to contact are happening via the legal system.The relationship between my ex partner and myself is not good at all.We a couple of weeks before a new Court or… read more
JGM
JGM
Solicitor
12,375 satisfied customers
I have just received a copy of KPMGs second letter to my
good morningI have just received a copy of KPMGs second letter to my daughter as you know I'm trying to delay as much as possible until after the court proof in September. I will be away on holiday in… read more
JGM
JGM
Solicitor
12,375 satisfied customers
My neighbour has a large trampoline against the fence and
My neighbour has a large trampoline against the fence and children are constantly screaming and shouting on it. I am dreading the school holidays. We have no peace to sit in the garden and have to hav… read more
JGM
JGM
Solicitor
12,375 satisfied customers
Attn of JGM Only To keep you up to date with my case, a
Attn of JGM OnlyHi Good MorningTo keep you up to date with my case, a proof will now take place 24-28th September so I hope after this this will be the end of an 8-year nightmare. Things now have been… read more
JGM
JGM
Solicitor
12,375 satisfied customers
Just scrolling through the internet looking for some help in
just scrolling through the internet looking for some help in prepareing a defence statment … read more
JGM
JGM
Solicitor
12,375 satisfied customers
My parents owned a house where each owned 50%. My father
My parents owned a house where each owned 50%. My father died and left everything to my mother. How can we change the title deeds to my mothers name only? … read more
JGM
JGM
Solicitor
12,375 satisfied customers
Can you please tell me where I can get a copy of the new AT6
Good Morning,Can you please tell me where I can get a copy of the new AT6 form? We need to serve our tenant with an eviction notice that does not have the older wording on. We do not have the one with… read more
JGM
JGM
Solicitor
12,375 satisfied customers
I need an advice regarding divorce law in Scotland. I at the
Hello, I need an advice regarding divorce law in Scotland. … read more
JGM
JGM
Solicitor
12,375 satisfied customers
I wish to file a lawsuit pertaining to a recent politiion
I wish to file a lawsuit pertaining to a recent politiion who used taxpayer funds to promote the election of another for political position.- what would this lawsuit be called- other than fraud… read more
JGM
JGM
Solicitor
12,375 satisfied customers
In a family law case. I have a case management hearing
I am Party Litigant in a family law case. I have a case management hearing coming up.I require to lodge a minute of amendment to remove a crave. I understand it is done in the for “(your name) hereby … read more
JGM
JGM
Solicitor
12,375 satisfied customers
I have just received a recall of a restraint order,
I have just received a recall of a restraint order, inhibition and warrant for arreemt against you. What does it mean?… read more
JGM
JGM
Solicitor
12,375 satisfied customers
In a family law case. I have a case management hearing
I am Party Litigant in a family law case. I have a case management hearing coming up before the proof date. It appears proof will not be required at this point. Is it possible to have the proof date c… read more
JGM
JGM
Solicitor
12,375 satisfied customers
I need legal advice, I am in Scotland, I am wanting to know
I am wanting to know if a fiscal warning would show on a disclosure check, and if my employer can dismiss me for this? … read more
JGM
JGM
Solicitor
12,375 satisfied customers
My house is in the middle of 3 houses Each house is
my house is in the middle of 3 houses Each house is essentially detached apart from a lean to that attaches to each house, giving us each a garage In the garage is the brick work of next doors house. … read more
JGM
JGM
Solicitor
12,375 satisfied customers
We bought a motorhome 6 months ago from a reputable dealer
We bought a motorhome 6 months ago from a reputable dealer in Scotland for 40,000 it had several issues and we have had to return early from several holidays I.e. heating not working,faulty water syst… read more
JGM
JGM
Solicitor
12,375 satisfied customers
Ladies and Gentlemen, I (British citizen) am in the process
Ladies and Gentlemen,I (British citizen) am in the process of divorcing my wife (Chinese citizen) now for nearly three years (May 31st, 2015 is the separation day accepted by both parties). My wife do… read more
JGM
JGM
Solicitor
12,375 satisfied customers
In a Family Law case. The Defence had attempted to lodge a
I'm Party Litigant in a Family Law case. The Defence had attempted to lodge a motion via a G6 form. Unfortunately they made a mistake and the form was returned to them. The Defence will not resubmit t… read more
JGM
JGM
Solicitor
12,375 satisfied customers
I have been served with a Scottish civil notice regarding
Hi, I have been served with a Scottish civil notice regarding money I took from a previous employer. I am an accountant though have deregistered from my professional body. They allege that I took £26,… read more
JGM
JGM
Solicitor
12,375 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x