MGT393H5 Lecture Notes - Fiduciary, Limited Liability Partnership, Concurrent Estate
Note a business entity and not a legal entity. Partnership is the relation which subsists between persons carrying on a business in common with a view to profit ; (a business entity not a separate legal entity) Page 1 of 6: persons who have entered into partnership are collectively called a firm [s. 5] Persons who have entered into partnership with one another are, for the purposes of this. Act, called collectively a firm, and the name under which their business is carried on is called the firm name. Elements of a partnership (some form of) agreement: express or implied - not necessary that parties intended to create a partnership; Common business for common profit: community of interest in the benefits accruing from joint activity. Other practical: partnership is a contractual relationship, partner"s share in partnership property is never real property, partnership act applies (refer to legislation) relationship founded on mutual trust.