Question 9 For a partnership to exist, three elements must exist: LAW Not yet answered 1 ) A must be carried out: Marked out of 0.03 V FCT Flag question UMER This requires consideration of whether the activities are business-like using the following factors: ES . This entails acts (not a one-off investment) . Done in relation to any (not a hobby - FACTORS or something you do for fun) . Systematic and activities . Profit FOR . Commercial with activities - i.e. dealing F with legitimate clients T - ING 2) The owners must be acting : section . This means that the business must be all the partners. Each must be an for HIP LAW. This means that the business must be SHIP LAW all the partners. Each must be an for the other; and . There must be (sharing) of rights and obligations. This means that all partners RATIONS 3) With a view of t ... business Ferguson in common six profit regular or repetitive trade, occupation or profession organised motive flavour carried on by or on behalf of agent mutuality have a say in the management of the business