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Partnerships

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Partnerships

  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by MikeLittle.
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  • March 26, 2022 at 5:35 pm #651947
    ilham9089
    • Topics: 211
    • Replies: 165
    • ☆☆☆

    HI, Mike in the lectures and notes you say that partnerships cannot be a one-off transaction but my exam kit says otherwise. It says a partnership can exist for a single business transaction.

    March 26, 2022 at 8:09 pm #651956
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22548
    • ☆☆☆☆☆

    I would imagine, without checking on the actual lecture, that I quoted the definition of a partnership as ‘the relationship that exists between two or more people carrying on a business in common with a view to profit’ and (hopefully) I also quoted the definition of a joint venture as being ‘a partnership for a particular adventure, venture, course of trade or voyage’

    Certainly when I was recording the lectures for the Financial Accounts paper, now replaced by the wonderful lectures by Chris, I would have defined a joint venture as above

    If a joint venture is created for a single event, say the attendance at a sales conference, then it necessarily follows that it’s possible to have a partnership for that one-off adventure and thus, by definition, it is available to have a joint venture / partnership for a single purpose

    Is that OK?

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