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:

Schizophrenics

Refers to individuals diagnosed with schizophrenia, a mental disorder characterized by distortions in thinking, perception, emotions, language, sense of self, and behavior.

Phobia

An excessive and irrational fear reaction toward a specific object, situation, or activity that is often debilitating.

Mood Disorder

A class of mental disorders characterized by significant alterations in mood, potentially causing disruption to daily functioning.

Delusions

False beliefs held with strong conviction despite superior evidence to the contrary, often occurring as a feature of psychiatric disorders.