On 2/26/07, Zefram <[EMAIL PROTECTED]> wrote:
The agreement creating the Pineapple Partnership contains all the
legal elements to construct a partnership. Principally, it is an
entity distinct from the partners, obligations on the Partnership
become obligations on the partners, and this is all legally binding
(via the contract).
According to the Partnership Act 1958, Pt 2 Div. 1 s. 5 (1):
Partnership is the relation which subsists between persons
carrying on a business in common with a view of profit and
includes an incorporated limited partnership within the
meaning of Part 5.
Your binding agreement fails to satisfy the ``business'' requirement
as well as the ``view of profit'' requirement, so it isn't a
partnership.
For reference, the text of the Act can be found via
http://www.dms.dpc.vic.gov.au/Domino/Web_Notes/LDMS/PubLawToday.nsf/
I obtained the direct URL
http://www.dms.dpc.vic.gov.au/Domino/Web_Notes/LDMS/PubLawToday.nsf/a12f6f60fbd56800ca256de500201e54/42105719C67A2D8BCA256FD900173825/$FILE/58-6330a071.pdf
,
but I suspect that it was autogenerated.
--
Michael Slone
