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Partnerships: Legal Issues

© Reed Elsevier (UK) Ltd 2008
Paul Beausang a tax partner at Nabarro considers the legal nature of a partnership and the issues it poses
As a young and enthusiastic tax adviser I can remember being asked by my then partner to carry out some research into the precise legal nature of a partnership how it held assets and the interrelationship between the answers to these questions and the manner in which the individual partners were entitled to assets of the partnership. My answers to these queries were vague and I can still recall her sense of dissatisfaction with the outcome. After 14 years of structuring arrangements including partnerships it is an arresting thought that my understanding of partnerships is still incomplete.
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