• Partnership

    In order for a partnership to be entitled to an Australian business number (ABN), it must be carrying on an enterprise.

    A partnership is made up of two or more people who jointly carry on business with a view to profit. For ABN purposes, a partnership also includes an association of persons in receipt of income jointly, for example, co-owners of a rental property.

    For ABN purposes, a partnership can be:

    • a family partnership
    • a limited partnership
    • an 'other' partnership.

    A family partnership is where two or more partners are related to one another.

    A limited partnership is where the liability or one or more partners for the debts and obligations of the business is limited. A limited partnership is formed when the partnership is registered with the relevant state or territory authority.

    An 'other' partnership is commonly known as a general law partnership. A general law partnership is where all the partners are equally responsible for the management of the business and each has unlimited liability for the debts and obligations it may incur.

    • Last modified: 22 Dec 2016QC 762