If two or more people carry on a business with a view to making a profit, then they're probably in partnership whether they realise it or not. That is according to the Partnership Act 1890. This piece of Victorian legislation still governs partnerships in the UK, and being in partnership can have some quite fundamental tax and liability consequences for the partners.
Whether you’re a sophisticated professional partnership or investment vehicle, or an 'inadvertent partnership', it's best that the basis of your partnership and the rules that apply between partners are understood, leaving you free to concentrate on the management and growth of your business. We have wide experience of advising on partnership arrangements in the context of both trading partnerships and investment vehicles, including Scottish vehicles in investment funds, renewable energy projects or specialist joint ventures and single purpose vehicles, and can advise on their formation and ongoing operation.