Free Partnership Agreement Template 07Free Partnership Agreement Template 07Free Partnership Agreement Template 07
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TOPIC 3
PARTNERSHIP
Definition
A partnership is the relationship which exists between persons carrying on a
business in common with a view to profit. It involves an agreement between two or
more parties to enter into a legally binding relationship and is essentially contractual
in nature. According to Tindal CJ in Green v Beesley (1835) 2 Bing N C 108 at 112, ‘I
have always understood the definition of partnership to be a mutual participation ...’,
yet the participants do not create a legal entity when they create a partnership.
James LJ in Smith v Anderson (1880) 15 Ch D 247 at 273 saw the concept in the
following way:
An ordinary partnership is a partnership composed of definite individuals
bound together by contract between themselves to continue combined for
some joint object, either during pleasure or during a limited time, and is
essentially composed of the persons originally entering into the contract with
one another.
Despite these definitions, there are limitations on the numb