LAWS1100 Study Guide - Final Guide: Fiduciary, Legal Personality, Corporations Act 2001
Document Summary
Requirements for a partnership: no formal registration requirements or legal formalities for establishment of partnership, pa(cid:396)t(cid:374)e(cid:396)ship e(cid:454)ists as lo(cid:374)g as (cid:1008) (cid:396)e(cid:395)ui(cid:396)e(cid:373)e(cid:374)ts i(cid:374) defi(cid:374)itio(cid:374) of (cid:858)pa(cid:396)t(cid:374)e(cid:396)ship(cid:859) i(cid:374) legislatio(cid:374) a(cid:396)e satisfied (regardless of the intention of the parties). Single transaction / 1 off project is usually not partnership. See: smith v anderson (1880: however, if partners begin working together to prepare or establish an identifiable business, the partnership commences from the date they begin working together. See: khan v miah [2000]: key consideration falls on the intention of the parties. See: degiorgio v dunn (2004): the (cid:396)e(cid:395)ui(cid:396)e(cid:373)e(cid:374)t that pa(cid:396)t(cid:374)e(cid:396)s a(cid:272)t (cid:858)i(cid:374) (cid:272)o(cid:373)(cid:373)o(cid:374)(cid:859) does (cid:374)ot (cid:373)ea(cid:374) that all pa(cid:396)t(cid:374)e(cid:396)s (cid:373)ust take a(cid:374) a(cid:272)ti(cid:448)e pa(cid:396)t i(cid:374) the (cid:271)usi(cid:374)ess. Eg. (cid:895) o(cid:374)e o(cid:396) (cid:373)o(cid:396)e pa(cid:396)t(cid:374)e(cid:396)s (cid:373)a(cid:455) (cid:271)e (cid:858)sile(cid:374)t(cid:859) pa(cid:396)t(cid:374)e(cid:396)s: even silent partners are legally responsible for the actions of the other partners, with a view to profit.
