Partnership: Formation Flashcards
1
Q
GP Formation: Formalities
A
None!
2
Q
GP Definition
A
Association of two or more people who are carrying on as co-owners of a business for profit which they share in (key factor)
3
Q
Profit-Sharing: Presumption of GP
A
The contribution of money or services in return for a share of profits creates a presumption that a GP exists
