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Partnerships in New South Wales
Partnerships in New South Wales are a kind of business arrangement carried on by a group of persons. It is carried on in common and with a view to profit. It works effectively like a contract between the parties. In New South Wales, the rules dealing with what kinds of partnerships can be created and how they are regulated are contained in the Partnership Act 1892. These rules allow three different kinds of partnerships to be created, being normal partnerships, limited partnerships and incorporated limited partnerships. Each has its own distinct treatment in certain respects. Normal partnerships are the only kind of partnership that does not need to be registered with the NSW Department of Fair Trading.