2: GENERAL PARTNERSHIPS(a) Preliminary issues63 Advantages and disadvantages of a written partnership agreementA general partnership1 will be inferred whenever the definition in the Partnership Act 1890 is satisfied2. Consequently, the existence of such a partnership is a matter of law rather than agreement. It follows that there is no legal requirement for any form of partnership agreement. Indeed, the Partnership Act 1890 provides a default code to govern the relationship of the partners in the absence of contrary agreement. On the other hand, many of these default
A general partnership1 will be inferred whenever the definition in the Partnership Act 1890 is satisfied2. Consequently, the existence of such a partnership is a matter of law rather than agreement. It follows that there is no legal requirement for any form of partnership agreement. Indeed, the Partnership Act 1890 provides a default code to govern the relationship of the partners in the absence of contrary agreement. On the other hand, many of these default
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