Contribute equity to the business or share in the profits

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Reference no: EM131969413

Allan Jones sold a ski shop franchise to Edward Hamilton. Although Mr. Jones did not contribute equity to the business or share in the profits, he did give Mr. Hamilton advice and share his experience to help him get started. Most of Mr. Hamilton’s capital came in the form of a loan from Union Bank. When Mr. Hamilton failed to pay, Union bank sued Mr. Jones for payment under the theory that Mr. Jones was a partner by implication or estoppel.

Was he? Explain fully why or why not.

Reference no: EM131969413

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