Q&As

Must a business have commenced trading before a partnership can be treated as being in existence?

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Published on LexisPSL on 19/06/2017

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • Must a business have commenced trading before a partnership can be treated as being in existence?

Must a business have commenced trading before a partnership can be treated as being in existence?

'Partnership' is defined in the Partnership Act 1890 (PA 1890) as ‘the relation which subsists between persons carrying on a business in common with a view of profit’ (PA 1890, s 1(1)). In order to form a partnership, it is not necessary to file any documents, to register any information anywhere or to complete any other formalities. Two people may form a partnership by simply starting to carry on a business together and sharing the profits, subject to fulfilling the requirements of the statutory

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