1. Meaning of 'partnership' and 'firm'.

Partnership1 is the relation which subsists between persons carrying on a business in common with a view of profit2. The persons who have entered into partnership with one another are called collectively a 'firm'3. The parties who make up a partnership may be individuals, companies (as in corporate partnerships)4 or may be other partnerships (as in group partnerships)5.

The relation between members of any company or association which is a company registered under the Companies Act 2006, 6or formed or incorporated by or in pursuance of any other Act of Parliament, letters patent or royal charter, is not a partnership