Wednesday, May 6, 2020

The Money Doctor - 1984 Words

1. Is â€Å"The Money Doctors† a partnership, and if so, who are the partners? Main Issue: To identify if â€Å"The Money Doctors† is a partnership and if so, who are the partners of the business. Relevant Law: Partnership is the relation which subsists between persons carrying on a business in common with a view of profit. There are four conditions in which all must be satisfy are the followings: Agreement Partnership relationship may be formed by deed, in writing, verbally and lastly by inference from the conduct of the parties. In Canny Gabriel Castle Jackson Advertising Pty Ltd V Volume Sales (Finance) Pty Ltd [1974] HCA 22; (1974) 131 CLR 321 where the court held that a partnership existed on four factors which were parties joined in a†¦show more content†¦Prima facie Partnership State of agency Evidence found in the case that the existence of mutual rights and obligations between the partners together with the right to say in the management of business (all three partners must agree on major decision related to the firm). Sharing of profit and losses Joe, Shmo and Moe contributed capital to establish the firm which signaled the intent of sharing of profits and losses. Intention of the parties In this case, the intention of Joe, Shmo and Moe was to start up financial advisory services in Boyup Brook. [S 8 (1)] The intention for acquisition of building (through capital) was for business operation and therefore it proved that partnership between Joe, Shmo and Moe exists. [S 8 (4)] In this case, the $50,000 loan which Flo provides for the establishment of â€Å"The Money Doctors† were said to be repaid via profits made by the firm. [S 8 (5)] Flo was employed by â€Å"The Money Doctors† as an office manager on a salary of $45,000 per annum. In accordance with the evidence stated on Partnership Act 1895 (WA) S 8 (4), (5), Flo will not be liable as a partner of â€Å"The Money Doctors†. Conclusion In accordance with Partnership Act 1895 (WA) S 7, S 8 (1), â€Å"The Money Doctors† is a partnership and the partners are Joe, Shmo and Moe. 2. Who is liable for the contract with ECO? MainShow MoreRelatedHow Much Money Do Doctors Make? Essay1716 Words   |  7 PagesHOW MUCH MONEY DO DOCTORS MAKE? One of the best-paying careers as at present time is Medicine. As one becomes a doctor they are initiated into the world that has consistent pay that is also very attractive. 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