Smith v Anderson (1880) holders of trust certificate were not the partnership with ‘trust’ investors. KEY WORD: carrying on it implies a repetition of acts and excludes the case of an association formed for doing one particular act which is never to be repeated. Beckingham v Port Jackson an Manly Steamship Co Ltd (1957) syndicate purchased a submarine from Manly Steamship and the submarine was damaged by Manly. They are not partnership but an agent relationship. KEY WORD: only have the sharing of profits parties sought to avoid the creation of a partnership and to prevent any authority from arising in the syndicate (stipulated ‘ownership and possession’ of the syndicate). The sharing of profits was simply a means of making payment to an agent for the service. Re Megevand; Ex parte Delhasse (1878)
Delhasse lent money to the business in form of partnership. He had the right of sharing of profit, examining the partnership books, receiving a quarterly statement, making further loans on equivalent terms and terminating the arrangement by notice in certain cases. The loan was the only capital. They are partnership.
KEY WORD: the all rights Delhasse had on the business
There is every element of partnership in it, Delhasse was a dormant partner rather than a creditor.

Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales(Finance) Pty Ltd (1974)
Fourth Media Management documented with Volume Sales as a relationship of joint venture, but they share the profits and the conduct of the arrangement was dictated by their joint agreement. So it is a kind of partnership rather than joint venture.
KEY WORD: sharing of profit, matters agreed by the parties.
Court ventures to think that the sharing of loss was agreed impliedly.

When does a partnership exist? * Common ownership of property
(Joint tenancy, tenancy in common, joint property or part ownership does not of itself create partnership). * Sharing of gross returns * Sharing of profits and losses