Partnerships are relatively easy to set up, but you'll need to be aware of some specific things. Each partner will need their own tax file number and Australian business number. Partnerships can be formed with a verbal agreement or a written agreement. All partners are liable for the debts and liabilities of the business, including those of other partners. They are also legally responsible for the actions and debts of other partners. Partnerships do not pay taxes on their income, but it is spread equally across all partners of the business.