Lee carried on a business as a feng shui consultant in a small country town in New South Wales as a sole trader. However, she owed a $45,000 debt to her friend Ronaldo and in order to discharge the debt she gave Ronaldo a one third (33.33%) interest in her business. Both parties agreed that Ronaldo would receive 33.33% of the net profits from the consultancy but Ronaldo would not share in the losses of the business. Ronaldo stated that he did not want to be a partner in the business and stated that he should be considered as a mere investor. Lee agreed not to do anything to give any third parties the impression that Ronaldo was a partner and she said she would certainly not hold him out as a partner. However, in all other respects she treated Ronaldo as a partner. She discussed business issues with him and asked for his opinion when considering major changes to the business. Lee continued to manage the day-to-day business of the consultancy. Lee and Ronaldo did not place an expiry time on their agreement. In April 2013 Lee decided she needed to employ an apprentice to assist with the increasing demand for her services. She consulted with Ronaldo who agreed to this proposal. Unfortunately due to a sudden down turn in business, thanks in large part to the advent of a new online cut-price feng shui service operated out of Sydney, Lee’s business performed poorly and she experienced financial difficulties in 2015. In March 2016 Lee entered into receivership as she just did not have any personal assets to pay the debts of the business. Threepenny Bank was a major lender to the business and it has recently approached Ronaldo stating that it believes he was a partner in the business and it wishes to lodge a claim against his personal assets. Ronaldo has stated to all parties that he was not a partner and now he seeks to reclaim his debt as a creditor of the business. Ronaldo approaches you for advice on the issues. Advise Ronaldo of his legal position with reference to relevant case law and legislation. Be sure to consider the possibility of a partnership or a joint venture.
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