Max Has Been Sued for $20,000 as a Partner with Jim

question 208

Multiple Choice

Max has been sued for $20,000 as a partner with Jim Nogoode. Which of the following is false with regard to determining whether or not a person is a partner?

• A) The legal relationship of partnership requires that two or more persons carry on business in common with a view to profit.
• B) Co-ownership of a property does not in itself raise a presumption of partnership.
• C) Sharing gross revenues of a business does not in itself raise a presumption of partnership.
• D) If no profit was made in the business, Max would not be a partner.
• E) Sharing of profits is evidence of the existence of a partnership.

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Definitions:

Market Price

The price of a good or service determined by supply and demand dynamics within a competitive marketplace.

Standard Of Living

The amount of riches, convenience, possessions, and basic requirements afforded to a person, collective, or civilization.

Birthrate

is measured as the number of live births per thousand people in a population per year, indicating the rate at which a population is growing or declining.

Population

The total number of individuals or inhabitants in a specific area or region at a certain time.