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Give the correct answer
A and B are joint owners of a ship. A works on the ship takes care of the entire management and meets all the expenses. he takes 2/3 rd of the gross earnings and pays over the balance to B who does nothing. do A and B constitute partnership in the following case?
Replies (1)
No...Because for partnership business ..you have to prepare partnership deed & get it registered.
If B have contributed towards purchase of ship , he has a right to get share of return on investment or it can be shown as reimbursement of amount contributed by B in buying Ship.
This is my opinion.
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