Nevada Code § 87.070

Rules for determining existence of partnership
Open in Lexace · Ask the AI about this section
In determining whether a partnership exists,
these rules apply:
1. Except as provided by NRS 87.160 , persons who are not partners as
to each other are not partners as to third persons.
2. Joint tenancy, 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 the property.
3. 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.
4. The receipt by a person of a share of
the profits of a business is prima facie evidence that the person is a partner
in the business, but no such inference may be drawn if such profits were
received in payment:
(a) As a debt by installments or otherwise;
(b) As wages of an employee or rent to a
landlord;
(c) As an annuity to a surviving spouse or
representative of a deceased partner;
(d) As interest on a loan, though the amount of
payment vary with the profits of the business; or
(e) As the consideration for the sale of a
goodwill of a business or other property by installments or otherwise.

‹ Prev All Nevada sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.