STSM091020 - Partnerships: Partnerships and partnership interests: definition of 鈥榩artnership鈥�
The statutory definition of the term 鈥榩artnership鈥� is: 鈥榯he relationship that subsists between persons carrying on business in common with a view to profit鈥� (section 1(1) of the Partnership Act 1890). A UK general or limited partnership is not a legal person except that Limited Liability Partnerships and Scottish partnerships are (see STSM091030). There is no stamp duty or Stamp Duty Reserve Tax legislation regarding the definition of a partnership.