Factors of existence partnership

Question

Illustrate the factors besides sharing of profits that suggest the existence of a partnership?

Answer 1

Factors besides sharing of profits that suggest the existence of a partnership:

• Contribution of property or labour to the enterprise

• Guarantee of partnership debts

• Joint ownership of property

• Participation in management, including having signing authority for contracts and bank accounts, and access to information about the business

• Holding oneself out as a partner, or allowing others to do so