Partnerships

What is a partnership?

A partnership is a relationship which exists between two or more persons carrying on business together with a view to making a profit.

A partner can be an individual or a company (known as a corporate member), and is personally liable (usually without limit) for the debts of the partnership. Therefore a creditor of a partnership can pursue one or more of the partners personally, as well as the partnership itself, for a partnership debt.

We cannot advise you on specific insolvency matters. You should get independent advice on these matters from a solicitor, qualified accountant, an authorised insolvency practitioner (see List of Insolvency Practitioners) or a reputable financial advisor or debt councillor.

Debt advice agencies

The Citizens Advice Bureaux is an organisation which may be in a position to offer advice to you in respect of any debt.

You can also contact Debt Action NI at AdviceNI website or freephone 0800 028 1881 for further details.

What happens after the partnership is wound-up?

Where a winding-up order has been made against the partnership, the partnership affairs are dealt with in the same way as a limited company.

Please see our guidance leaflets:

• Guide for Directors
• Guide for Creditors

Where bankruptcy orders have been made against individual partners, please see our guidance leaflet which explains the effect of bankruptcy:

• Guide to Bankruptcy