partnership


several people working together on a business activity, e.g. firm of lawyers, accountants etc.

recognised as a legal concept

automatically deemed to exist in these situations, no need to register it

if may be necessary in joint ventures etc, to state that the situation does not form a legal partnership

all partners are liable for debts incurred during the business activities (check this)

there may be a written partnership agreement outlining procedures for transferring an interest in the partnership etc.

in some cases it is possible to take over a partnership interest, which involves a new person taking over an existing partner's interest 

	in the partnership by paying a sum of money to them (medical practices etc) (existing partner retiring, moving etc).

items of property cannot be owned in the name of a partnership, only in the name of an individual or a company.

taxed in a similar way to business operations of an individual person











