Partnership

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.