p-ship - general partnership formation

Question 1

general partnership formation

Answer 1

definition
sharing PROFITS is the key factor
formalities
conclusion

Question 2

general partnership formation

definition

Answer 2

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

Question 3

general partnership formation

sharing PROFITS is the key factor

Answer 3

The contribution of money or services in return for a SHARE OF PROFITS creates a presumption that a GP exists.

Question 4

general partnership formation

formalities

Answer 4

There are no formalities to becoming a general partnership.

Question 5

general partnership formation

conclusion

Answer 5

A general partnership is an association of 2 or more persons who are carrying on as co-owners of a business for profit.
The contribution of money or services in return for a SHARE OF PROFITS creates a presumption that a GP exists.
There are no formalities to becoming a general partnership.