Objection my Lord: Corporate and commercial practice

Abstract

A partnership is defined in section 2(1) of the Partnership Act 2010 (hereinafter referred to as the Partnership Act), as two or more persons carrying on a business with a view of obtaining profits. This definition is fortified by Festo Sendi Vs Clearers Limited CA 1/1997; where court held that in order to tell whether there is existence of a partnership, there should be actual receipt of profits and not a mere intention to share profits. The number of members of a partnership ranges from 2-20 as enunciated under section 372 of the Companies Act 2012 (hereinafter referred to as the Companies Act) and stated in Akinose vs. AITCO (1961) WNLR 215. In W v Commissioner of tax , the court held that whether the partners really and truly intended to join together for the purpose of carrying on business and sharing in the profits or losses or both. Their intention is a question of fact.