Partnership

Resource type: Glossary item

Status: Maintained

Jurisdiction: United Kingdom

The relationship which subsists between two or more persons carrying on business in common with a view to profit. Partnerships are governed in the UK by the Partnership Act 1890. A partnership is not a separate legal entity. Partners generally have unlimited liability.

A partnership under the Partnership Act 1890 differs from a limited partnership (www.practicallaw.com/A36351) established under the Limited Partnerships Act 1907 and a limited liability partnership (www.practicallaw.com/A36350) established under the Limited Liability Partnerships Act 2000.

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  • Resource ID: 8-107-6976
  • Products:  PLC Glossary, PLC Magazine (UK), PLC UK Commercial, PLC UK Construction, PLC UK Corporate, PLC UK Dispute Resolution, PLC UK Employment, PLC UK Environment, PLC UK Law Department, PLC UK Pensions, PLC UK Property, PLC UK Share Schemes & Incentives
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  • Equity partner Equity partner (http://crossborder.practicallaw.com/topic7-201-7868)
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  • Lockstep Lockstep (http://crossborder.practicallaw.com/topic1-201-7871)
  • Partnership at will Partnership at will (http://crossborder.practicallaw.com/topic9-201-7872)
  • Salaried partner Salaried partner (http://crossborder.practicallaw.com/topic3-201-7870)
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