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Partnership Act 1890
A partnership is formed whenever two or more people set up in business together with a view to share profits and losses and they do not incorporate, either as a limited company or an LLP. A partnership is formed whether they intend to form a partnership or not.
These inadvertent partnerships are referred to as Partnerships at Will and are governed by the Partnership Act 1890.
Even if the partners intend to form a partnership, all partnerships which are not LLPs or Limited Partnerships are General Partnerships and regulated by the Partnership Act 1890. If any of this information leaves you feeling uncertain about your position, you should ask to speak to a partnership solicitor.