We offer a Partnership agreement that is fully flexible and allows for partners to be individuals, companies, or trusts (or a combination).
A partnership is not an entity – it is merely a form of shared ownership of property and an agreement to share certain benefits and obligations. There are 2 types of partnership:
- General law partnership: a relationship between parties carrying on a business with a view to a profit.
- Tax law partnership: For income tax purposes, a partnership not only includes the general law definition of partnership, but also includes persons in receipt of ordinary or statutory income jointly (i.e., together).
A company agent/manager is sometimes used to act on behalf of the partnership (especially where it is a partnership of trusts). This is done predominantly for administrative ease.