A partnership consists of two or more people or entities who carry on a business and distribute income or losses between themselves.
A partnership can be a:
- family partnership – where two or more partners are related
- limited partnership – where liability of debts and obligations for one or more partners is limited
- 'other' partnership – where partners are equally responsible for the business and have unlimited liability for the debts and obligations (commonly known as a general law partnership).
2 Aug 2018