Partnerships – what you need to know

The words “partner” and “partnership” are bandied around a lot in business. “X is my business partner”, “Y and I are doing this work in partnership” – but what does it really mean to be in a partnership?   A partnership is defined as “two or more persons carrying on a business in common, with a view to a profit”. To break that down into parts: there must be more than one “person”. This can be confusing, because e.g. a company can count as a “person” in this context; “carrying on a business” includes preparatory steps – so, for example, if two people planned to open a restaurant in partnership…