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.