Question
if an individual receives a share of profits or gross returns from a partnership, does that make them a partner? Select one: a. The sharing
if an individual receives a share of profits or gross returns from a partnership, does that make them a partner?
Select one:
a. The sharing of gross returns indicates a partnership exists, but sharing of profits does not indicate a partnership
b. The partnership legislation notes that sharing profit is a strong indication that a partnership does in fact exist.
c. Gross returns and profits are the same. The sharing of gross returns indicates a mutual business in common and hence a partnership
d. If a party receives a share of the partnership's profits, then this is conclusive that they are a member of the partnership
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