If Margo and Bruce purchase and operate an ice cream store, for tax purposes they have formed a partnership.

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Two or more people who contribute money, property, or other resources to start and run a business together for profit are considered a partnership for tax purposes, regardless of whether or not they formally declare themselves as such. Therefore, Margo and Bruce would be considered a partnership if they purchase and operate an ice cream store together.

If Margo and Bruce Purchase and Operate an Ice Cream