Partnership Act 1891 (Qld)

Partnership Act 1891

An Act to declare and amend the law of partnership

Chapter 1 Preliminary

Part 1 Citation

1 Short title This Act may be cited as the Partnership Act 1891.

2 Notes in text A note in the text of this Act is part of the Act.

Part 2 Interpretation

3 Definitions The dictionary in the schedule defines particular words used in this Act.

4 Meaning of firm and firm-name (1) Persons who have entered into partnership with one another are for the purposes of this Act called collectively a firm, and the name under which their business is carried on is called the firm-name. (2) However, in relation to an incorporated limited partnership, the firm-name of the incorporated limited partnership is the name of the incorporated limited partnership recorded in the register. (3) In this Act, a reference, in relation to an incorporated limited partnership, to the incorporated limited partnership or the firm is a reference to the incorporated limited partnership as a separate legal entity and not to the partners in that partnership.

5 Meaning of partnership (1) Partnership is the relation which subsists between persons carrying on a business in common with a view of profit. (1A) Partnership includes an incorporated limited partnership. (2) However, the relation between members of any company or association that is— (a) incorporated under the Corporations Act; or (b) formed or incorporated by or in pursuance of any other Act of Parliament or letters patent, or Royal Charter; is not a partnership within the meaning of this Act.

Part 3 Application

5A Application of laws of partnership to limited partnerships and incorporated limited partnerships (1) Chapter 2 applies to limited partnerships, subject to chapter 3. (2) Except as provided (whether expressly or by necessary implication) by this Act or any other Act, the law relating to partnership does not apply in relation to— (a) an incorporated limited partnership; or (b) the partners in an incorporated limited partnership; or (c) the relationship between an incorporated limited partnership and its partners.