Partnerships & the TRS - A Bite-Sized Guide for Advisers in Scotland

Introduction

General partnerships operated under the Partnerships Act 1890 are common in family farming businesses but are operated across other businesses.

It is recommended that partners acting in partnership have a partnership agreement which sets out specifically the terms in which the partnership is to operate, but some partnerships will operate ‘at will’ and will simply be governed by the Partnership Act 1890.

This short webinar will look at some of the main aspects of the operation of a partnership including the ownership of heritable property and how the changes in the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 may affect partnerships and oblige them to register under the Trust Registration Service.

The webinar is suitable for lawyers who act for partnerships.

The primary focus will be farming partnerships, but the webinar is suitable for anyone who acts for general partnerships formed under the Partnerships Act 1890.

What You Will Learn

This short webinar will cover the following:

• Constitution of the partnership - operation under partnership agreements and partnerships-at-will
• Ownership of heritable property by partners or the partnership
• The obligation to register the partners and partnership under the Trust Registration Service

This pre-recorded webinar will be available to view from Thursday 10th April 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.