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MikeLittle.
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ilham9089
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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.
MikeLittle
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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?
ilham9089
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