Set up and register a partnership

The officers of a partnership

Any group of people who want to set up a profit-making business together can form a partnership. However, if a member of a partnership is under the age of 18, they cannot be legally bound by the terms of the partnership agreement.

It is also possible for companies and limited liability partnerships to be members of a partnership.

How many officers can a partnership have?

Forming a partnership allows two or more people to set up in business together, sharing profits, managing burdens and risks.

The rights and responsibilities of partners

Partners normally share in both the responsibilities of running the business and the profits or losses that it makes. However, their precise rights and responsibilities will depend on:

  • what type of partner they are
  • any partnership agreement or 'deed of partnership' that they have entered into

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