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.