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Commentary

63 Advantages and disadvantages of a written partnership agreement

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

63 Advantages and disadvantages of a written partnership agreement

| Commentary

2: GENERAL PARTNERSHIPS

(a) Preliminary issues

63 Advantages and disadvantages of a written partnership agreement

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 provisions may go against the parties’ intentions or interests, so there are

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