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