Nevada § 87.070 - Rules for determining existence of partnership

§ 87.070. Rules for determining existence of partnership

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.