General partnership formation Flashcards
1
Q
What formalities necessary for formation?
A
none
2
Q
Definition of general partnership
A
an ASSOCIATION of 2 or more persons
who are CARRYING ON as CO-OWNERS of a BUSINESS FOR PROFIT
3
Q
What’s the key factor in general partnership formation?
A
sharing of profits
4
Q
What leads to the presumption that a general partnership exists?
A
contribution of money or service in return for a share of profits
