Which of the following is the proper definition of a partnership as set out in the Partnership Act?
A) A partnership exists only where two or more people enter into a written agreement to be partners.
B) A partnership exists where any business is carried on with a view towards profits.
C) Partnership exists where two or more persons carry on business together with a view towards profits.
D) A partnership is only created where the partners actually share the profits from a business.
E) A partnership is created where a corporation with shareholders is registered with the federal government.
Correct Answer:
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