Nature of partnership

Abstract

Partnership is the relationship which exists between persons carrying on a business in common with a view of profit and includes an incorporated limited partnership. This proposition is qualified by provisions in the partnership legislation that, while not in identical terms, state either that:

(1) the relevant Act does not apply to companies or associations (in general, described as companies or associations that are registered under the (Cth) Corporations Act 2001 or formed or incorporated by or in pursuance of any other Act of Parliament or letters patent or Royal Charter); or

(2) the relationship between members of such a company or association is not a partnership within the meaning of the relevant Act.