Partnerships

(1) Where a trade, business, profession or vocation is carried on by two or more persons jointly– (a) the income of any partner from the partnership shall be deemed to be the share to which he was entitled during the basis year in the income of the partnership, such income being ascertained in accordance with the provisions of this Act, and shall be included in the return of income to be made by such partner under this Act; 41 (b) the precedent partner shall, when required by the Commissioner, make and deliver a return of the income of the partnership for any year, such income being ascertained in accordance with the provisions of this Act, and declare therein the names and addresses of the other partners in the firm together with the amount of the share of the said income to which each partner was entitled for that year; (c) where no partner is resident in Belize, the return shall be made and delivered by the attorney, agent, manager or factor of the firm (d) the provisions of this Act with respect to the failure to deliver returns or particulars in accordance with a notice from the Commissioner shall apply to any return required under this section. (2) In this section “precedent partner” means the partner who of the partners resident in Belize– (a) is first named in the agreement of partnership; (b) if there be no agreement, is named singly or with precedence to the other partners in the usual name of the firm; or (c) is the precedent acting partner if the partner named with precedence is not an acting partner.