Valid partnership requires business action
The Court of Appeal gave judgment recently in Ilott v Williams & Ors, unanimously upholding the trial judge’s decision that no partnership existed between four individuals. The court declared that for a valid partnership to exist, it required more than simply a decision to set up a business.
A partnership is defined under section 1 of the Partnership Act 1890 (the 1890 Act) as ‘the relation which subsists between persons carrying on a business in common with a view of profit’.
In this case, Ilott and three individuals collaborated on a new business concept which dealt with asset management. The four decided that outside expertise was required, therefore a deal with a partner at BlueCrest, a limited partnership, was struck by which the four individuals would become partners in BlueCrest and share with it the profits in the new venture…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Notices served in the first four months of an assured shorthold tenancy will be invalid, and other changes
BIS has published a summary of the key elements of the Consumer Rights Act 2015, the main elements of which come into force today.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.