AYB205 Lecture Notes - Lecture 3: Fiscal Multiplier, Tax File Number, Australian Business Number
Document Summary
Partnership is the relation which subsists between persons carrying on a business in common with a view of profit. An association of persons carrying on business as partners or in receipt of ordinary or statutory income jointly, but does not include a company. For a partnership to exist, three (3) elements must be present: that the agreement is between two or more natural persons is a presumption, carrying on of a business . A business" is any trade, occupation or profession and it must be an active occupation or profession continuously carried on: in common . The business must be carried on by, or on behalf of, all the partners in the relationship: with a view of profit . The parties must intend to make a profit that is intended to be shared by agreement between. No express contract is required to form a partnership. the parties. A partnership may be formed either expressly or impliedly.
