General Partnership Formation Flashcards
1
Q
What formalities are required to form a partnership?
A
None.
2
Q
What is the definition of a partnership?
A
An association of two or more people carrying on as co-owners of a business for profit.
3
Q
What is the key factor in a partnership?
A
Sharing of profits.
Therefore, the contribution of money or services in return for share of profits creates a presumption that a general partnership exists.
