BTC1110 Study Guide - Concurrent Estate, Limited Liability, Natural Justice
10 Jul 2013
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A partnership is the relation between persons carrying on a business in common with a view of profit. A partnership implies two things: a business being carried on in common smith v anderson", such business being carried on with a view to profit goudberg v herniman". The most important factors to be taken into account when determining whether or not a partnership exists are: the intention of the parties, participation in the net profits of the business and an agency relationship. The following factors shall also be taken into account: Joint tenancy does not of itself create a partnership. Sharing of gross returns does not of itself create a partnership. Receipt of profits varying with that of business does not itself make one a partner. A joint venture is created when two or more people enter into an agreement to exploit a business opportunity with respect to a particular project.
