Partnership determined - how

7-60-107. Partnership determined - how. (1) In determining whether a partnership exists these rules shall apply: (a) Except as provided by section 7-60-116, persons who are not partners as to each other are not partners as to third persons; (b) 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; (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 the person is a partner in the business, but no such inference shall be drawn if such profits were received in payment: (I) As a debt by installments or otherwise; (II) As wages of an employee or rent to a landlord; (III) As an annuity to a surviving spouse or representative of a deceased partner; (IV) As interest on a loan, though the amount of payment varies with the profits of the business; (V) As the consideration for the sale of a goodwill of a business or other property by installments or otherwise. Source: L. 31: p. 647, � 7. CSA: C. 123, � 7. CRS 53: � 104-1-7. C.R.S. 1963: � 104-1-7. L. 77: (1)(d)(III) amended, p. 294, � 1, effective July 1. L. 2004: IP(1)(d) amended, p. 1422, � 70, effective July 1.