Quick and dirty A&P Flashcards
1
Q
Burden of proof in proving PS?
A
Preponderance of the evidence. Unless the partners are relatives , then clear and convincing evidence
2
Q
What is a PS?
A
association of two or more people to be co-woners for a business for profit
3
Q
What is the main question in PS formation?
A
Whether the parties intentionally acted as co-owners of a business for profit?
4
Q
Exceptions to the prima facie rule of profit sharing
A
- profits received as payment of a debt by installments.
