4. Partnership - General Partnership Formation Flashcards Preview

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Flashcards in 4. Partnership - General Partnership Formation Deck (3):
1

What is the definition of a general partnership?

Association of two or more people carrying on as co-owners of a business for profit

2

What is the key factor in a GP?

Sharing of profits

3

What formalities are required to create a GP?

None

Contribution of money or services in return for a share of profits creates a presumption that a GP exists