ACCA LW · Chapter 7 · Question 4 of 10
Under s1 of the Partnership Act 1890, how is a partnership defined?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The relation which subsists between persons carrying on a business in common with a view of profit
Explanation
Section 1 defines partnership as the relation between persons carrying on a business in common with a view of profit. An ordinary partnership in English law is not a separate legal person and arises without registration. Mere co-ownership of property does not of itself create a partnership, and there must be a view of profit.
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