 They are governed by the Partnership Act of 1890 which ensures that every partner is equally liable for the business even if he or she owns just 1% of the organisation.This is why it is important to set out a "Deed of Partnership" (partnership agreement) which will outline what each partner has put into the business, what are the responsibilities of each partner and how they will share the profits and losses.These are where one or more general partners enter or allow 'limited partners' to go into business with them.