Category: Partnership law

Partnership law

You do not need to do anything to form a business partnership. That can be the danger. If two or more people go into business together with a view to profit their relationship to each other and the people they deal with will be governed by the Partnership Act.

This Act may not contain the intended provisions of your Partnership and so it is important to make a formal Partnership Agreement which will then replace the provisions of the Partnership Act.

The essential elements of a Partnership are:
• All partners share the risks and rewards of the Partnership business.