Partnerships

A partnership is a contract between 2 or more parties who wish to carry on a business as a partnership

Section [blank_start]1[blank_end] of the [blank_start]Partnership Act[blank_end] [blank_start]1890[blank_end] defines partnerships as "the [blank_start]relation[blank_end] which subsists between [blank_start]persons[blank_end] carrying on a business in common with a view to [blank_start]profit[blank_end]"

A written agreement is necessary to set out the agreement between the parties in a partnership

What will happen when partners fail to agree

What do the default provisions state inter alia?

If the partnership wishes to trade in a name other than the names of the partners, it must register the name of the partnership with the [blank_start]Register of Business names[blank_end] under the [blank_start]Business Names Act 1985[blank_end] and before the name will be registered, the [blank_start]Registrar[blank_end] requires to be satisfied that the name is not too like an already registered name and does not contain any restricted words such as [blank_start]Bank[blank_end], [blank_start]Pharmaceutical[blank_end], [blank_start]Royal[blank_end] or [blank_start]Insurance[blank_end].