Partnership (Australia)
In Australia, each state has enacted legislation regarding partnerships.
| Jurisdiction | Relevant Act |
|---|---|
| ACT | Partnership Act 1963 |
| N.S.W | Partnership Act 1892 |
| NT | Partnership Act 1997 |
| QLD | Partnership Act 1891 |
| SA | Partnership Act 1891 |
| TAS | Partnership Act 1891 |
| VIC | Partnership Act 1958 |
| WA | Partnership Act 1895 |
The definition of a partnership does not vary across jurisdictions, with each definition encompassing the following criteria in determining the existence of a partnership:
- Valid Agreement between the parties;
- To carry on a business - as opposed to a single or isolated transaction, which suggests a joint venture.;
- In Common - meaning there must be some mutuality of rights, agency, interests and obligations;
- View to Profit - partnerships must form with a view to profit. Other business structures such as charities and sporting clubs do not seek to share profits and liabilities, and are thus treated differently under each state jurisdiction's respective Associations Incorporation Act.
Read more about Partnership (Australia): Who Is A Partner?, Partner's Liability, Limited Partnership, Dissolution of A Partnership, See Also
Famous quotes containing the word partnership:
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—Edmund Burke (1729–1797)