Save and Submit Click Submit to complete this assessment Question 20 of 20 Question 20 0.5 points Save Answer If parties operate a business together does that automatically make them a partnership? Consider the statutory rules as they apply to partnerships. Which of the following is correct? Each jurisdiction has rules applying to the definition of a partnership, in particular co-ownership or sharing of the gross product of an enterprise does not automatically make the enterprise a partnership Under partnership law, a partnership is not necessarily a partnership just because an enterprise calls itself such If an enterprise makes a profit, this does not in itself automatically make the enterprise a partnership, it could be a company The statutory rules applying to a partnership requires that any business run co-jointly is a partnership, though the operators of such a business can opt out of the partnership category