5Definition of partnership

5 Definition of partnership

S. 5(1) amended by No. 99/2003 s. 5(1).

(1) Partnership is the relation which subsists between persons carrying on a business in common with a view of profit and includes an incorporated limited partnership within the meaning of Part 5.

S. 5(1A) inserted by No. 99/2003 s. 5(2).

(1A) A reference in the following sections to a partnership includes a reference to a partnership formed in accordance with a law of another State, a Territory or another country or jurisdiction, whether or not under that law the liability of any partner for the liabilities of the partnership is limited and whether or not under that law the partnership is incorporated or is otherwise a separate legal entity—

(a) section 51(3);

(b) section 54(2)(d), (e), (fa) and (h) as applying in cases where a partner is a partnership;

(c) section 60(3);

(d) section 64(5);

(e) section 85(3);

(f) section 88(2)(d), (e) and (g) as applying in cases where a partner or proposed partner is a partnership;

(g) section 95(b)(vi);

(h) section 96(2);

(i) sections 99(1)(a)(i), (1)(b)(i), (1)(c) and 99(2);

(j) sections 104(1) (definition of recognised incorporated limited partnership), 104(2), 104(5) and 104(6).

S. 5(2) amended by No. 99/2003 s. 5(3).

(2) But the relation between members of any company or association (other than, for the purposes of the sections specified in subsection (1A), a partnership which under the law of the place where it is formed is incorporated or is otherwise a separate legal entity) which is—

(a) registered as a company under any Act for the time being in force and relating to the registration constitution or incorporation of companies; or

(b) formed or incorporated by or in pursuance of any Act or letters patent or Royal Charter—

is not a partnership within the meaning of this Act.

S. 5(3) inserted by No. 99/2003 s. 5(4).

(3) A reference in this Act to a firm includes a reference to an incorporated limited partnership within the meaning of Part 5.

No. 3745 s. 6.