What is a strong indication in determining whether a partnership exists?Group of answer choicesSharing gross returnsCo-ownership of propertySharing profit and lossesNot seeking to make a profit

A strong indication in determining whether a partnership exists is the sharing of profits and losses. This is because in a partnership, all partners agree to contribute money, labor, skill, or some or all of these, and in return, they share the profits and losses of the business.

Here are the steps to determine if a partnership exists:

1. Sharing of Profits and Losses: This is the most significant indication of a partnership. If the parties involved share both the profits and losses of a business, it is likely a partnership.

2. Co-ownership of Property: This is another indication of a partnership. If the parties involved jointly own property or assets related to the business, it could suggest a partnership.

3. Sharing Gross Returns: This alone does not necessarily indicate a partnership. For example, if a landlord receives a percentage of a business's gross returns as rent, this does not make the landlord a partner.

4. Not Seeking to Make a Profit: This is not a strong indication of a partnership. A partnership is typically formed with the intention of making a profit.

Remember, the existence of a partnership is based on the intention of the parties involved, and these factors are just indications, not definitive proof. It's always best to have a written partnership agreement to clearly establish the existence of a partnership.