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Introduction

The Partnership Act 1890, s 1(1) provides the following definition of a partnership:

1. 1)

   “Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.

2. 2)

   But the relation between members of any company or association which is ―

3. 1. a)

      registered under the Companies Act 2006, or

   2. b)

      Formed or incorporated by or in pursuance of any other Act of Parliament or letters patent, or Royal Charter

is not a partnership within the meaning of this Act.”

De Voil Indirect Tax Service V2.110

A partnership is an unincorporated association in which the agreement between the parties is such that the relationship between themselves and third parties is governed by the Partnership Act.

The existence of a partnership is a matter of fact and usually has the following elements:

1. •

   there must be a business

2. •

   the business must be carried on