Partnerships and LLPs

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The Partnership Act 1890 (PA 1890) sets out the legal framework that applies to general partnerships.

A partnership under PA 1890 is described as the relationship that subsists between persons (which includes individuals or corporate entities) carrying on a business (which includes every trade, occupation and profession) in common with a view of profit.

A limited liability partnership (LLP) is a body corporate which is formed under the Limited Liability Partnerships Act 2000, which came into force on 6 April 2001.

The Limited Partnerships Act 1907 (LPA 1907) and PA 1890 set out the legal framework that applies to limited partnerships.

Like a general partnership, a limited partnership is not a legal entity but is a relationship that subsists between persons (which includes individuals or corporate entities) carrying on a business (which includes every trade, occupation and profession) in common with a view of profit.

LPA 1907 and PA 1890 do not provide a complete code of partnership law and expressly preserve the rules of equity and common law applicable to partnerships.

General partnerships: essentials for employment

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