1. General Partnership Formation Flashcards
1
Q
Formalities required for a general partnership formation
A
None. There are no formalities to becoming a general partnership. Therefore you’ll be called by the law a general partnership.
2
Q
Definition of a general partnership
A
A general partnership is an association of two or more persons who are carrying on as co-owners of a business for profit.
3
Q
What is the key factor for a general partnership?
A
Sharing of profits
4
Q
What is prima facie evidence of a general partnership?
A
The contribution of money or services in return for a share of profits is prima facie evidence of a general partnership.
