Robert owns and operates a dry cleaning store as a sole proprietorship. Robert needs more
money for the business, so Janet agrees to lend him the money.
Janet is to receive one-half of the
net income of the dry cleaning store until the loan and interest is paid. This situation is:
A) A partnership because they share profits.
B) A partnership because there is an association of two or more people.
C) Not a partnership.
D) A partnership because they own the business together.
E) A partnership because they are carrying on a trade or business.
C
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Indicate whether the statement is true or false