QuickHelper

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    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
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Category > Management Posted 05 Oct 2017 My Price 8.00

Peter, Paul and John, who were licensed pharmacists,

Peter, Paul and John, who were licensed pharmacists, formed a partnership to purchase and run a small drugstore chain. Each held a 13 interest in the partnership. When Paul died his wife Ellen began receiving annuity payments equal to 13 of the partnership's net profits. The payments were to last for 3 years. Ellen is also a licensed pharmacist and perfectly capable of performing all the duties that Peter, Paul and John performed. She claims that under partnership law both her right to receive a share of net profits and her expertise in the field are prima facie evidence that she is a partner in the firm. Is Ellen correct?

A. No, paying a surviving spouse an annuity out of net profits is not prima facie evidence of partnership.
B. No, only management rights are prima facie evidence of a partnership
C. Yes, sharing in net profits for whatever reason is prima facie evidence of a partnership.
D. Yes, sharing in net profits and having the same business qualifications as the other partners together create prima facie evidence of a partnership.

Answers

QuickHelper
(10)
Status NEW Posted 05 Oct 2017 07:10 PM My Price 8.00

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