16. Persons having too indirect an interest in profits to be partners.

A person receiving by way of annuity or otherwise a portion of the profits of a business in consideration of the sale by him of the goodwill of the business is not by reason only of such receipt a partner in the business or liable as such1. The true test of whether a partnership was intended is whether there was a joint business or whether the parties were intending to carry on the business as the agents of each other

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