• Partnership

    A partnership consists of two or more people or other entities who jointly carry on business with a view to profit. For ABN purposes, a partnership also includes an association of people who receive income jointly, such as co-owners of a rental property (see Renting out an investment property).

    For ABN purposes, a partnership can be:

    • a family partnership – where two or more partners are related to one another
    • a limited partnership – where the liability of one or more partners for the debts and obligations of the business is limited; formed when the partnership is registered as such with the relevant state or territory authority
    • an 'other' partnership – commonly known as a general law partnership; 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: 01 May 2017QC 762