Jane, Karen and Lily were best friends since University days. After graduation, Jane and Karen went into an online website design business. Due to stiff competition, the business was doing quite badly, and they faced financial difficulties. They approached Lily, who is quite wealthy, to lend them RM100,000. She agreed on condition that she gets paid RM5,000 per year from the gross returns of the shop and be consulted on any major projects. She also wants to inspect the accounts.

Does a partnership exist between Jane, Karen and Lily? Discuss and support your answer with reference to the Partnership Act 1961 and decided cases.