Partnerships Generally
Legally speaking, a partnership is:
The relation which subsists between persons carrying on a
business in common, with a view of profit; but the relationship
between members of an incorporated company or association is not a
partnership within the meaning of this Act.
This is the definition of a partnership taken from the act in
Manitoba that governs partnerships, known as The Partnership
Act (the "Act"). This definition tells us a
partnership must have multiple persons (i.e. it cannot be a sole
proprietor), and these persons must seek to have a profitable
business. A partnership may incur losses, but profit must be the
goal.
Further, the legal definition of "partnership" sets a
partnership apart from a corporation. It is explicit that a
partnership cannot be the same thing as a corporation. Individual
corporations may be partners within a partnership, but a
partnership itself is not a corporation.
