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As per the Partnership Act, the term Partnership defines a situation where there must be a relationship between those individuals who have accepted the conditions on sharing the profits of a business that is executed by everyone. Therefore, a partnership arises due to five necessary elements as per section 51 of the Australian Partnership Act, 1958. Firstly, partnership is considered to be an outcome of a contract. It does not arise from any process of law. For instance, at the time of the father’s death, who was a partner of that particular company, the son has the power to inherit or claim the share in the partnership property but he will fail to become a partner unless he enters into a contract with the concerned persons. Correspondingly, individuals carrying on a family business cannot be known as partners since the link did not arise from any contract. As a result, a contract is a mandatory ingredient in forming partnership. Secondly, minimum of two persons are required to constitute a partnership since that is the result of a contract. Individuals who are eligible to contract can enter into a contract of partnership. Persons entering into the contract can be either artificial or natural. In the case of Griffiths CJ in Land v James Morrison & Co Ltd (1911), it stated that when a partnership firms enter into contracts of partnership with another partnership individual, the members of the firm become partners in their own capacity. Thirdly, the parties should agree to carry on the business. If a handful number of individuals agree to share the income of a specific property for dividing goods that were purchased in bulk against them, then there will be no partnership. Such individuals cannot be called partners. The work must be divided equally among the partners..
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