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