GP Formation Flashcards by Christopher Masiar | Brainscape

Q

Formalities

A

None!

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Q

Definition

A

GP is an association of 2 or more persons who are carrying on as co-owners as a business for profit

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Q

Sharing of profits is key factor to GP!

A

contribution of money or services for a share of profts is prima facie evidence of a GP

not in return for salary, wage, interest or commission *

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