Commentary on Sections Agreements Regulated under the 1974 Act Section 1: Definition of “individual”
15.Section 1 amends section 189(1) of the 1974 Act to provide a new definition of “individual”. This restricts the partnerships that are to be regarded as “individuals” to those consisting of two or three partners, not all of whom are bodies corporate. This means that in future borrowing or hire by partnerships of more than three members will not be covered by the 1974 Act, i.e. these partnerships will be treated in the same way as bodies corporate.