https://www.taxtmi.com/caselaws?id=96929 A partnership arises only where there is an agreement to share profits of an existing business carried on by or for all concerned. An arrangement to associate for forming a company, or to become partners only after incorporation, does not itself create a partnership. On the facts stated, the company was never floated, so the parties remained promoters of a proposed company rather than partners in a managing agency business. Because no partnership existed, section 69 of the Partnership Act did not bar the recovery claim, and the deposited money could be sought back outside the statutory bar. en-us Tue, 09 Oct 1945 00:00:00 +0630 Fri, 13 Jan 2012 11:59:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96929 A partnership arises only where there is an agreement to share profits of an existing business carried on by or for all concerned. An arrangement to associate for forming a company, or to become partners only after incorporation, does not itself create a partnership. On the facts stated, the company was never floated, so the parties remained promoters of a proposed company rather than partners in a managing agency business. Because no partnership existed, section 69 of the Partnership Act did not bar the recovery claim, and the deposited money could be sought back outside the statutory bar. Case-Laws Companies Law Tue, 09 Oct 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96929