Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Partnership definition

What does Partnership mean? A partnership is the common business arrangement where two or more persons run a business together for profit, usually under a firm name and often governed by a partnership agreement. In partnership law, this is the general partnership. The core legal definition comes from the Partnership Act 1890 (PA 1890): the relation subsisting between persons “carrying on a business in common with a view of profit.” Key legal features include: - Agency: each partner is an agent of the firm in the ordinary course of business. - Liability: partners have unlimited liability for partnership debts (joint in England & Wales and Northern...

Finance transactions with English general partnerships under the Partnership Act 1890: assessing capacity, authority, approvals, taking security and execution formalities

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Practice notes

This Practice Note

This Practice Note reviews the range of acts typically undertaken by English law partnerships in the context of finance transactions and sets out the practical steps that can be taken to check and evidence the capacity and authority of an English law partnership. There are two categories of partnership recognised in English law—a general partnership and a limited partnership (LP). Each is subject to its own legislative regime and associated guidance, as follows:

general partnerships are governed by the Partnership Act 1890 (PA 1890)—see Practice Note: The nature of a general partnership and its legal framework; and
limited partnerships are governed by the Limited Partnerships Act 1907 (LPA 1907)—see Practice Note: The nature of a limited partnership and its legal framework.

These are distinct from limited liability partnerships (LLPs), which are corporate bodies constituted under the Limited Liability Partnerships Act 2000 (LLPA 2000). See Practice Note: The nature of a limited liability partnership and its legal framework and, for information on investigating the capacity and authority of LLPs in the context of finance transactions, see Practice Note: Dealing with limited liability partnerships in a finance transaction—investigating capacity and authority...

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Web page updated on 21/05/2026

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