A general partnership is the relation between persons carrying on a business in common with a view of profit. However, it is not a separate legal entity. It cannot give a floating charge (except that an agricultural floating charge can be granted by farming partnerships). For general details, see Practice Note: The nature of a general partnership and its legal framework.
Applicable legislation includes:
the Insolvent Partnerships Order 1994 SI 1994/2421 (IPO 1994)—which applies certain provisions of the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) to partnerships, subject to necessary modifications and prevails over the IR 2016 in the event of conflict
the Insolvent Partnerships (Amendment) Order 2005 SI 2005/1516 (IPAO 2005)—which applies administration to partnerships
the Insolvent Partnerships (Amendment) Order 2006 SI 2006/622 (IPAO 2006)—which applies administration to partnerships
the Partnership Act 1890 (PA 1890)
the Company Directors Disqualification Act 1986 (CDDA 1986), as modified—which applies to partnerships which are wound up as unregistered companies (see Practice Note: Partnerships and the disqualification regime)
The
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