Nature of structure
- Carrying on a business in common with a view to profit.
- Not a separate legal entity
- Partnership does not pay tax
- Formal / Informal – partnership deed
- Governing law – Partnership Act 1908, Law of contract
- Limited duration – fixed by partners or indefinite until a terminating event occurs.
- Jointly and severally liable
- Control – every partner may take part in the management of business
- Admission of new partner – requires dissolution of old partnership