• Partnership

    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).

    See also:

  • Last modified: 02 Aug 2018QC 762