Partnership
A Partnership is the relationship which exists between two or more persons carrying on business together with a view to making a profit.
Partnerships are mainly between individuals. However a partnership may exist between individuals and companies and between companies alone. The partnership entity does not have a legal personality separate to that of its individual partners.
The partnership does not enter into contracts in its own name, however, but in the names of its partners.
The assets of the partnership generally belong jointly to the persons making up the partnership and each partner is generally jointly and severally liable for the debts of the partnership.
Generally, partnerships prepare accounts showing the results of the partnership business, however, partnerships are not obliged to make these accounts public
For further information, please contact Malcomson Law by calling 01 874 4422 or by filling out an Online Enquiry Form