Ordinary business partnership (UK)
In a UK ordinary business partnership, two or more persons carry on a business in common with a view to profit. Partners can be personally liable for business debts. Partnership types and legal rules differ, including between UK jurisdictions; an incorporated limited liability partnership is a distinct form. The applicable agreement and law determine the partners’ detailed rights and duties.
Worked example
Two consultants share the profits of a business and check their partnership agreement and liability for its obligations.
Common mistake
Assuming an ordinary partnership and a limited liability partnership provide identical liability protection.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | LW (ENG) | Direct | September 2026–June 2027 |