The relationship which subsists between two or more persons carrying on business with a view to profit. In Canada, a partnership is not a separate legal person like a corporation. Partnerships are governed by the laws of the jurisdiction in which they are formed and the partnership agreement.
A contractual arrangement may be characterized as a partnership if the parties carry on a trade, business, financial operation or venture and divide its profits (regardless of the intent of the parties or whether the parties entered into a partnership agreement).
A partnership is referred to as a firm in describing its assets and liabilities, and a partnership may sue and be sued in the firm name (rather than in the name of the partners).
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