Millennial Media Management Pty Ltd is an events management company. They have organised a series of concerts to be performed by celebrities Alton Jon and Tru Blu. Millennial Media has entered into an arrangement with New Money (Finance) Pty Ltd according to which New Money would finance the concerts, in return for which Millennial Media would transfer to New Money a half-interest in the contracts with the performers. The arrangement was described as a 'joint venture', and provided that the profits were to be shared equally. It also provided that policy decisions affecting the joint venture were to be mutually agreed, and that any disagreements were to be resolved by arbitration.

Millennial Media and New Money have now disagreed and seek to bring the arrangement to an end. They are uncertain how to did this and have been advised that they may in fact have formed a partnership.

Jack is a director of Millennial Media and now seeks your advice.

REQUIRED:

With reference to relevant legal principles, use the IRAC legal problem-solving approach to advise Jack as to the difference between a partnership or a joint venture and whether in fact Millennial Media and New Money formed a joint venture.