The common law is the primary source of partnership regulations in South Africa because a partnership is not universally recognized as a separate legal entity separate from its owners.
What is a partnership?
A partnership is a business arrangement in which two or more people combine their resources to form a business with the agreement to share risks, profits, and losses.
Examples of common partnerships include:
- Law firms
- Physician groups,
- Real estate investment firms
- Accounting groups.
Thus, there are no existing partnership laws in South Africa, and partnerships are generally not separate from their owners.
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