Storyboard Text
- Same here, John. I could really use some food right now.
- Hey guys, I'm starving. I can't focus on anything until I get some breakfast.
- Yeah, me too. How about we head to the canteen and grab something to eat?
- Agreed. But hey, at least it's over now. So, what did you guys think of the partnership section?
- Phew, that was quite a marathon of an exam, wasn't it?
- Ugh, don't even get me started. I struggled to remember some of the basic definitions. It's like my brain decided to take a vacation right when I needed it the most.
- Alright, so let's dive into the definition of partnership. Section 3(1) states that it's "the relation which subsists between persons carrying on business in common with a view of profit."
- Essentially it's about two or more individuals joining forces to run a business together, with the primary goal of making a profit. But then there's Section 3(2), which excludes certain entities like clubs, societies, and building associations from being considered partnerships.
- Understood. Let's delve deeper into some elements, nature and characteristic's to solidify our understanding even further.
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