Effective January 1, 2010, Chapter 1775 is repealed and no longer governs partnerships. 2008 HB332.
In determining whether a partnership exists, these rules apply:
(B) Joint tenancy, tenancy with a right of survivorship, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not of itself establish a partnership, whether such co-owners do or do not share any profits made by the use of property.
(C) The sharing of gross returns does not of itself establish a partnership, whether or not the persons sharing them have a joint or common right or interest in any property from which the returns are derived.
(D) The receipt by a person of a share of the profits of a business is prima-facie evidence that he is a partner in the business, but no such inference shall be drawn if such profits were received in payment:
(1) As a debt by installments or otherwise;
(2) As wages of an employee or rent to a landlord;
(3) As an annuity to a widow or representative of a deceased partner;
(4) As interest on a loan, though the amount of payment vary with the profits of the business;
(5) As the consideration for the sale of good will of a business or other property by installments or otherwise.
Effective Date: 04-04-1985; 2008 HB332 01-01-2010