Under the Partnership Act 1890, a partnership is defined being the ‘relation which subsists between persons carrying on a business in common with a view of profit’ a partnership can therefore be implied even if the partners didn’t intend to form a partnership.
In a UK partnership unless there is a written agreement between the partners which sets out otherwise, partners share profits and losses equally regardless of the responsibilities and time they spend in the partnership. Without a partnership agreement if a partners leaves or retires then the partnership is dissolved leaving them or their estate entitled to their share of capital and profits.
Not having a written agreement can lead to disputes over profit sharing, decision-making, ownership of assets, or what happens if a partner leaves or passes away.