[BUYING AND SELLING REAL ESTATE IN AUSTRALIA]
agreement (if there is one), the common law and the relevant partnership legislation, which applies to the applicable State and Territory. A partnership is not a separate legal entity, and each partner is jointly and severally liable for the debts of the partnership. Partners also share in the profits of the partnership. Limited partnerships can also be established in some states under specific state legislation. Limited partnerships allow some partners to limit their liability for debts. Limited partnerships are generally taxed as companies. It is common for a partnership to operate through a nominee c ompany. The nominee’s role is usually very limited with no control or decision-making powers in relation to how the partnership should be conducted. It is the partnership rather than the nominee which actually carries on the business. The nominee provides a corporate identity for the partnership.
ILN Real Estate Group – Buying and Selling Real Estate Series
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