ICAEW BL · Chapter 7 · Question 5 of 10
Which of the following correctly describes an ordinary partnership formed under the Partnership Act 1890 in England and Wales?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) It has no legal personality separate from its partners, and the partners have unlimited liability for its debts
Explanation
An English partnership (a 'firm') has no legal personality separate from its members. Partners are jointly liable for the firm's debts without limit. Limited liability is available only through a limited partnership or an LLP. Ordinary partnerships do not file accounts at Companies House.
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