A Partnership Is Not Inferred When Profits Are Received in Payment

question 12

True/False

A partnership is not inferred when profits are received in payment of a debt.

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Definitions:

Bank

A financial institution licensed to receive deposits and make loans.

Interest Earned

The income received from lending funds or depositing money into interest-bearing accounts.

Invested

To have allocated resources, such as money, toward something with the expectation of generating income or profit.

Deposited

The act of placing money or another form of value into an account.