BTF1010 Study Guide - Final Guide: Common Ownership, Profit Sharing, Fiduciary
3 Aug 2018
School
Department
Course
Professor
Document Summary
Legal relationship: partners are both principals and agents of each other. Formation: created through agreement (orally, written or implied) Corps act s115 max no of people to form partnership is 20 unless it is for professional practice. We (cid:373)ust k(cid:374)ow if it"s a part(cid:374)ership: one party might want to share the. If no partnership agreement has been made by the parties the court. Section 5 defi(cid:374)es a part(cid:374)ership as the relatio(cid:374) that exists. Epetiti(cid:448)e or regular a(cid:272)ts do(cid:374)e i(cid:374) relatio(cid:374) to (cid:858)a(cid:374)y trade, Smith v anderson not carrying on a business. Khan v miah carrying on a business (first step of a business venture was taken) All members need not be active in management as long it is being. Needs to (cid:271)e a (cid:858)(cid:373)utuality of rights a(cid:374)d o(cid:271)ligatio(cid:374)s(cid:859) The business must be operated by or on behalf of all the partners carried on, on their behalf. Need to intend to make a profit e(cid:448)e(cid:374)t if you do(cid:374)(cid:859)t.
