If two or extra people want to go into enterprise collectively, and do not need to arrange a restricted company, a partnership gives a easy technique to get started. It is analogous in many ways to going the only dealer route for a person.
A partnership isn’t a separate authorized entity. Each companion is absolutely accountable for debts and liabilities incurred by other companions – with or without their data. Things change. Don’t let the worry of speaking a couple of partnership break-up prevent you from starting the partnership with all of the care possible. The PARTNERSHIP ACT 1908 sets out much of the law about partnerships, although it may be overridden on explicit issues by the particular partnership settlement (see beneath). Consider getting separate counsel if using the identical attorney as your partner(s) is presenting issues.
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