Victorian Consolidated Legislation

Partnership Act 1958 - SECT 5

Definition of partnership

5. Definition of partnership



(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.

(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).

(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.

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