Partnership

A partnership is when two or more people (or corporations) have agreed to carry on a business together for the joint benefit and profit of the parties. Unlike business corporations, a partnership has no legal existence distinct from the individuals comprising it. Within a partnership, each partner is potentially liable for all debts of the partnership.
  • In a general partnership, two or more general partners manage the business, share in the profits, and are responsible or liable for its debts.
  • Their individual acts are binding on the other partners and all partners are personally liable for the partnership’s total liabilities.
One of the facts of ownership of a partnership is the liability of all of the partners in case of judgment against the business. Also, the partners are liable for the other partners’ actions. Profits of the business have to be shared with other people, disagreements could occur between partners, and the partnership may dissolve on death or withdrawal of one of the partners.

Joint Ventures/Syndicates

Additionally, partnerships can be structured as a joint venture or syndicate, where generally there is not an even sharing of profits or liabilities. For example, each partner in a joint venture or syndicate, while operating under the same business name, creates their own income and their own liabilities.

As an example of a joint venture or syndicate, consider a medical clinic where a number of doctors would be operating under the same business name, but each create their own profits and/or liabilities.

If two or more entities (defined in The Business Names Registration Act as an individual, corporate body, Indian Band or limited partnership) operate a business name as a partnership, joint venture or syndicate the business name must be registered with the online.

Partnerships, joint ventures and syndicates name reservations and registrations may be easily completed via our Corporate Registry Application.

Have you decided your business type?

Go to Step 2: Reserve a Name