law the partnership has no legal identity separate from its owners.
The liability of each partner for the debts of the business is unlimited and is joint and separate.
A written partnership agreement is not legally required, but in practice, there are advantages for the partners in setting down in writing the terms of their association.
Accounts of the partnership need not be in prescribed form, nor is an audit necessary. The public has no means or legal right of inspection of the partnership’s accounts. Partnerships are not required to file the accounts at Companies House.