(1) In determining whether a partnership exists these rules shall apply:
Except as provided by section 7-60-116, persons who are not partners as to eachother are not partners as to third persons;
Joint tenancy, tenancy in common, tenancy by the entireties, joint property, commonproperty, 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;
The sharing of gross returns does not of itself establish a partnership, whether or notthe persons sharing them have a joint or common right or interest in any property from which the returns are derived;
The receipt by a person of a share of the profits of a business is prima facie evidencethat the person is a partner in the business, but no such inference shall be drawn if such profits were received in payment:
As a debt by installments or otherwise;
As wages of an employee or rent to a landlord;
As an annuity to a surviving spouse or representative of a deceased partner;
As interest on a loan, though the amount of payment varies with the profits of thebusiness;
As the consideration for the sale of a goodwill of a business or other property byinstallments or otherwise.
Source: L. 31: p. 647, § 7. CSA: C. 123, § 7. CRS 53: § 104-1-7. C.R.S. 1963: § 104-17. L. 77: (1)(d)(III) amended, p. 294, § 1, effective July 1. L. 2004: IP(1)(d) amended, p. 1422, § 70, effective July 1.