SJustice James said that the term “business” must be taken in a practical sense, that is, in a sense in which men of business would use that term. It is taken to refer to any activity which if successful would result in profit. It is not necessary that the business should consist of a long and permanent undertaking. A partnership may exist in a single business venture (Sec.8). Whether temporary or permanent, the business must be “in existence”. Until a business is commenced, there can be no partnership. An agreement to carry on a business at a future time does not result in a present partnership.