Individual Essay

In: Business and Management

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3. Partnerships a. Definition: the relationship that exists between persons carrying on a business in common with a view of profit (section 1 Partnership Act 1892 (NSW) It is the pooling of resources in order to make profits persons • carrying on a business • in common, and • with a view of profit.
• Persons — At least two persons are required to form a partnership. There is also a maximum number of partners: no more than 20.4 Certain professional partnerships, however, are excluded from this limitation Carrying on a business — A business is defined in the legislation as a ‘trade, occupation or profession’.6 The requirement that the partners be ‘carrying on a business’ suggests that there must be a continuity or repetition of trading activities.
In common — People carrying on business together will only be partners in a partnership if they are doing so ‘in common’. Degiorgio v Dunn [2004] NSWSC 767没有doing so in common With a view of profit —the partners are carrying on the business together to make a profit.
如有疑问These partnership rules are:
1. Co-ownership of property does not of itself create a partnership. This means that if someone owns real estate with another person and shares in the rental income and/ or proposes to share in the profit upon sale of the property, they have not necessarily formed a partnership.
2. Sharing of gross returns does not of itself create a partnership. If two or more persons engage in a joint enterprise where they share the gross returns but each of them retains responsibility for their own expenses, they are likely to have formed a joint venture rather than a partnership Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance) Pty Ltd (1974) 131 CLR 321 尽管是joint venture事实是partnership
3. Receipt by a person of a share of the profits of the business is prima facie evidence of partnership. However, the…...

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