Particular characteristics of the partnership can be stated in the partnership agreement, such as the method of dividing profit between partners and the termination of the partnership. If the terms of the partnership are not expressly stated in an agreement, the Partnership Ordinance will provide the terms of the partnership. Partners can limit their personal liability for business debts to the amount of their capital contribution. However, limited liability partners cannot manage the day-to day running of the partnership. A partnership can be implied by the conduct of the parties involved.
All partners carry on the business.
A tax return must be filed by a partner and the partnership must pay profits tax. The name of your business, and the names of each partner must be disclosed on the firm's letterhead and other business documents. There are fewer legal formalities than a company. Risk can be shared between partners. A. Partners assume rigorous duties and liability.