2: TERMS OF A PARTNERSHIP62 Partnerships generallyA partnership is an agreement entered into between persons carrying on a business in common with a view of profit. Although the Partnership Act 1890 sets out criteria for deciding whether or not any particular agreement is a partnership within the meaning of that Act and deals comprehensively with the consequences of an agreement being a partnership, it provides no obligatory structure for such an agreement nor does it provide (as is provided in the case of limited companies) a set of rules and a structure which will apply unless the
A partnership is an agreement entered into between persons carrying on a business in common with a view of profit. Although the Partnership Act 1890 sets out criteria for deciding whether or not any particular agreement is a partnership within the meaning of that Act and deals comprehensively with the consequences of an agreement being a partnership, it provides no obligatory structure for such an agreement nor does it provide (as is provided in the case of limited companies) a set of rules and a structure which will apply unless the
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