In the UK, partnerships are very popular form of business and carry their own set of advantages that may be useful for the type of business you want to establish. A partnership is formed when you and your partner(s) share personal responsibility for your business. That includes business losses and bills for things you buy for your business. In a partnership, partners share business profits and they also pay taxes on their shares. A partner in a partnership doesn’t have to be a physical person, which means that a limited company can become a partner as it is a separate legal person.