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Meaning of partnership

A partnership is 'the relation which subsists between persons carrying on a business in common with a view of profit'¹, and the partners are collectively referred to as 'a firm'². This definition gives rise to three points:

1. Ìý

   •ÌýÌýÌýÌý First, the 'relation which subsists' may be an oral or written contract, but the existence of a partnership may be inferred from the intention of the parties without there being an express agreement, and in each case it is necessary to consider the circumstances and intention of the parties. The existence of a partnership requires a consensus between the partners in the sense of Bridgeman³ where a business carried on by the appellant and his infant children was held not to be a partnership. In addition, the relation between members of a body corporate is not a partnership⁴.

2. Ìý

   •ÌýÌýÌýÌý Second, there must be a 'business'⁵, this being defined as including every trade, occupation or profession⁶. The term 'business' is more