Article 7 - Meaning of Partnership Agreement and Partnership

(1) A Partnership Agreement is an agreement between two or more persons for carrying on a Business together with the object of making a profit.
(2) For the purposes of these Regulations, "Partnership" is the relation which subsists between persons (each a "Partner") carrying on a Business together under a Partnership Agreement.
(3) For the purposes of these Regulations, persons who have entered into Partnership with one another are called collectively "a Partnership".
(4) In these Regulations "Business" includes every trade, profession and occupation.