Partnerships Flashcards
1
Q
Sharing of profits raises presumption of partnership UNLESS
A
the share was received as payment of a debt, services rendered, rent payment, retirement benefit, interest on a loan, OR for the sale of goodwill of a business
2
Q
Partnership is formed when
A
Two or more people associate as co-owners of a business for profit
3
Q
Duty of Loyalty prohibits a partner from
A
competing with the partnership
4
Q
Can the duty of loyalty be eliminated by agreement?
A
No
5
Q
A
6
Q
A
