The existence of a partnership is a question of fact. What is agreed between the parties is not conclusive of its existence; neither is the existence of a partnership agreement. For taxation purposes, a partnership is a trade or profession carried on by two or more persons jointly, and a limited partnership is a partnership for tax purposes.

There are some differences in law between English and Scottish partnerships. For example, although a partnership is a legal person in Scotland, in England and Wales it is the individual members of a partnership who are trading and not the partnership itself.

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