Partnership business income

This discussion clarifies how profits from a stock market trading partnership are treated for tax purposes. It confirms that income can be classified as either capital gains or business profits (PGBP), depending on the frequency of transactions. The thread also addresses whether a partnership firm can be a shareholder, concluding that while firms can own assets like property and vehicles, they cannot directly hold shares as they lack separate legal entity status. Shares are typically held in the names of individual partners.