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The Pamphlet Collection of Sir Robert Stout: Volume 48

Partnerships. Section 21

Partnerships. Section 21.

Under this head come associations, usually styled companies, that have not been incorporated, and in their case all partners are responsible for making proper returns, or seeing that they are made. For these exactly the same forms will be used as for individuals, but the assessment will be in the name of the association, and not in that of any shareholder or officer. They and ordinary partnerships are provided for in Clause 21. "Partners in any branch of commerce, trade, manufacture, adventure, or concern carried on by two or more persons jointly, shall be assessed jointly in the trading name of the firm in respect of the property belonging to the firm jointly, and shall be chargeable jointly with the tax payable in respect thereof; and such assessment shall be kept separate and distinct from the individual assessment of any such partner, and shall be subject to the ordinary deductions."

Each firm, partnership, or association will be entitled to one deduction of £500, even if each member has received that allowance in the assessment of his individual property, but only one deduction will be granted to a firm, no matter how many members there may be, or how valuable the property.