The members of a partnership

Any group of people that wants to set up a profit-making business together can form a partnership. However, if a member of a partnership is under the age of 18, he or she cannot be legally bound by the terms of the partnership agreement.

It is also possible for companies to be members of a partnership, in which case they will have tax and reporting obligations on top of those of individual partners.

How many members can a partnership have? 

Forming a partnership allows two or more people to set up in business together, sharing profits, managing burdens and risks.

The rights and responsibilities of the partnership's members

The members of a partnership normally share in both the responsibilities of running the business and the profits (or losses) that it makes. However, their precise rights and responsibilities will depend on:

• what type of partner they are
• any partnership agreement (or "deed of partnership") that they have entered into