Ben Has Recently Inherited $50 000 00 And Decides To Invest In A Computer Repair Business To Be Known As ‘Bb

Question

Ben has recently inherited $50,000.00 and decides to invest in a computer repair business to be known as ‘BB

Computer Repairs’. Ben and his good friend Bill, who has studied marketing and computer science, agree in writing that:

• Ben will arrange a three-year lease of a building, which he will make available as a shop and storage centre for the business.

• Ben will also pay all of the business’s expenses and does all the accounts, but will have no part in the day-to-day management of the business.

• Any profit from the venture will be divided evenly between Ben and Bill.

• Bill will run the shop.

Is there a partnership between Ben and Bill?

Include reference to relevant legislation and cases where appropriate.

Management