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Partnership is defined as the relationship which exists between persons carrying on a business in common with a view to profit. Being in a business partnership means running a business as a self-employed individual but in conjunction with other individuals, “partners”, where all the partners share responsibility for the business. Profits are shared between the partners but each partner pays tax on their share of the profits.

The Partnership Act 1890 forms the basis of today's partnership law. However, a partnership will usually operate in accordance with the terms of a partnership agreement drawn up between the partners.

A partnership can offer much greater flexibility and privacy than a limited company, but like a sole trader, greater potential rewards have to be balanced against the potentially greater personal risks of setting up in partnership, particularly personally covering any losses the business makes.

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