Partnership Flashcards
1
Q
General Partnership
A
Under the rules, a partnership is formed when two or more people associate to carry on as co-owners of a business for profit, whether or not the persons intended to form the partnership. A person who receives a share of the profit is presumed to be a partner, unless the share of the profits was for repayment of a debt, rent to a landlord, or wages. A general partnership does not require a writing or a certificate.
2
Q
A
