An Inference of the Existence of a General Partnership Is

question 9

True/False

An inference of the existence of a general partnership is drawn if profits are received in payment of consideration for the sale or goodwill of a business.

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Definitions:

Contribution

An amount of money or assistance given to support a cause or for a common purpose.

Compounded Annually

The method of computing interest that includes the original principal amount and the interest accrued over prior periods each year.

Deferred Annuity

An annuity contract that delays payments until the investor elects to receive them, often until retirement.

Payments

Amounts of money paid by one party to another, either as part of a one-time transaction or in installments over time.