½Û×ÓÊÓƵ

Division B7.1ÌýÌýÌýÌý What is a partnership?

For updates affecting this Division please see Part B0 Updates

Definition of a partnership

B7.101 Partnerships—overview

A partnership is where persons carry on a business with a view to a profit, these persons can be individuals or other legal entities for example companies or trustees. In England, Wales and Northern Ireland a partnership is not a legal person (except in the case of a UK LLP), although it is in Scotland¹. Therefore Scottish partnerships have a distinct legal personality and may be members of other partnerships².

There are a several different types of partnerships under English law as follows:

1. Ìý

   •ÌýÌýÌýÌý general partnerships in which all partners are jointly liable for debts and obligations of the partnership

2. Ìý

   •ÌýÌýÌýÌý limited partnerships where at least one member restricts their