CIRD45270 - Intangible assets: related party rules: partnership incorporation of a pre-FA 2002 business: establishing the facts

Establishing the facts

It is important to establish the facts. Establish for example:

  • whether the company has acquired a business (rather than an interest in a partnership)
  • how the company accounted for that acquisition (has it for example correctly applied GAAP in relation to the goodwill recognised in the accounts)
  • the person(s) from whom the business has been acquired
  • whether the goodwill acquired was partnership property
  • a history of the partnership business/goodwill since at least 31 March 2002
  • what happens to the partner바카라 사이트™s interest in the partnership when they leave
  • the time of acquisition by the company (including whether the contract is conditional)
  • when the partnership was dissolved
  • the 바카라 사이트śrelated parties바카라 사이트ť (e.g. 바카라 사이트śparticipators바카라 사이트ť and 바카라 사이트śassociates of participators바카라 사이트ť) at the time of acquisition

Documents

Below is a list of documents that you should consider obtaining. It is not intended to be exhaustive and you may think of others:

  • partnership agreement
  • partnership accounts from 31 March 2002 to the date of dissolution/transfer
  • partnership dissolution agreement and associated documents
  • notes of board meetings in relation to the dissolution of the partnership
  • notes of board meetings in relation to the business transfer
  • business transfer agreement and associated documents
  • valuations in relation to the business transfer

Once you have reviewed the above documents you may need to expand your request to include further documents. Where sufficient documentation doesn바카라 사이트™t exist or there remains uncertainty in relation to the timing of the transaction consider what other documents will provide supporting evidence (e.g. prime business records may provide evidence of a change of ownership).