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A Partnership or a Company? People going into business nowadays ought to be aware of how they could share a business with someone else and be covered legally. An insight into the theory is a good introduction. A partnership is a voluntary association of two or more persons who decide to carry on a business together with a purpose of making a profit. In a partnership each partner contributes something in a way of skill, work or financial investment. Each partner has the right to participate in the running of the business and is also an agent of the firm, which means that he has the power to form a business contract at any time. According to the Partnership Act S 4(2): 'a partnership in Scotland is a legal person distinct from the partners of whom it is composed' meaning that it has a...

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