Formation of Partnership Flashcards
1
Q
Formation of Partnership
A
- A partnership is the association of two or more persons to carry on as co-owners, a business for profit
- does not need intent to form the partnership
- No wrriting, no filing required
2
Q
Presumption
A
Profit sharing creates a presumption that a person is a partner unless the profits were received in a payment of a rebt, rent to a landlord, wages, etc.
3
Q
Other Presumptions
A
- capital contributions
- mutual agency
