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A partnership is relatively inexpensive to setup and operate. A partnership structure is when 2 or more (up to 20) entities operate a business. It’s a relationship between entities, the partners. The structure of a partnership may vary and partner shares may not always be equal. Partnerships can be formed by individuals, companies and trusts, or a combination of these entities.
The partnership itself is not recognised as a separate legal entity, therefore it cannot:
- enter into a contract with others
- buy, own or sell property
- sue or be sued.
Only the individual partners of a partnership can do these things.
The partners jointly own and control the business.
The partners are not employees, but the partnership may employ other people.
Last modified: 16 Nov 2023
Starting a small business
Steps | Progress | ||||
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Is my hobby a business? |
9 mins | ||||
Business structures overview |
5 mins | ||||
Business registrations |
5 mins | ||||
Sole trader structure |
7 mins | ||||
Partnership structure |
10 mins | ||||
Company structure |
13 mins | ||||
Trust structure |
7 mins | ||||
Small business support |
10 mins | ||||
Related courses |
1 mins | ||||
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