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Business Laws Issue - Assignment

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Added on  2021-06-16

Business Laws Issue - Assignment

   Added on 2021-06-16

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Running head: BUSINESS LAWSBusiness LawsName of the studentName of the universityAuthor note
Business Laws Issue - Assignment_1
1BUSINESS LAWSAnswer 1Issue Determination of whether there is a partnership between the three parties involved in thesituation Rule Meaning of partnership is provided under the rules of section 6 (1) of the Partnership Act 1963.The relationship which exists between people who are carrying out a business in common havinga view of profit has been termed as partnership. The rules of determine the existence of partnership have been set out in section 7 of the PA.When there is a tenancy in common, joint Tenancy, part ownership or joint property of itself,cannot create a partnership of its own. The real test of formation of a partnership depends uponwhether such owners or tenants share profits or not which is made by using things so owned orheld. In addition where gross returns are shared it does not create a partnership in itself. The real testin relation to formation of partnership is that whether there is a tenancy in common; jointTenancy, part ownership or joint property which is used for getting the return.When a person receive the share of profit from a business it is evident that such person as apartner in relation to such business. However, the receipt of such payment or share whichdepends upon the profit of the business does not in itself create a partnership. This specificallyoccurs when:A person receives a debt or a liquidated demand through the profits of the business
Business Laws Issue - Assignment_2
2BUSINESS LAWSWhen a person is remunerated based on the share in profit of the businessA child or domestic partner who is provided periodic payments in relation to the profitmade by the businessA person who is provided the rate of interest based upon the profits and losses of thebusiness in relation to the loan providedTherefore it can be determined that partnership when there is a business in common which iscarried out to make profits and there is a kind of joint ownership in the business unless the abovediscussed exceptions are applicable. The meaning of carry out a business, in common andmaking of profit has been discussed by various cases at common law.Carrying of a Business This issue has been addressed by the case of in Trimble v Goldberg [1906] AC 494In common This issue had been addressed by the case of Keith Spicer Ltd v Mansell [1970] 1 All ER 462Purpose of making profitThis issue been addressed by the case of Wise v Perpetual Trustee Co Ltd [1903] AC 139ApplicationThe three friends in context have planned to initiate a business activity through which they wantto purchase assets of organization going into liquidation and then reselling them for the purposeof making profit. In order to fund the business Peta has provided the business with a funding of
Business Laws Issue - Assignment_3

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