Law 18.2

The association of two or more persons to carry on as co-owners a business for profit.

1 association of persons 2 as co owners3 for profit

Two element of partnership by estoppel

1A representation to a third party that there is in fact a partnership 2 reliance by the third party on the representation.

Who can be a partner

A partnership is not limited to a direct, association between human beings but may also include an association between other entities, such as corporations or even partnerships themselves.

A person who receives a share of the profits of a business is presumed to be a partner in the business. But this presumption can be rebutted by showing that the share of the profits paid out was...1234567

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An implied partnership exists when in fact there are two or more persons carrying on a business as co owners for profit. Without intending to create a partnership at all

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No agreement is necessary as long as the tests of partnership are met, however, they should have an agreement in order to spell out their duties and rights among themselves

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Others factor like duty to share liabilities, participate in decision making ... courts also look at these factors

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Person means an individual, corporation,business trust, estate, trust, partnership ,association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. Unless state law precludes it, a corporation can be a partner in a partnership.

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The various forms of joint ownership by themselves do not establish partnership, whether or not the co-owners share profits made by the use of the property. To establish a partnership, the ownership must be of a business, not merely of property.

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Unincorporated nonprofit organizations cannot be partnerships

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Validity of the partnership name

General Motors corporation: the business is a partnership, not a corporation. And should not be described as one. Second: the name is deceptive because it is the name of an existing business. Anyone doing business under a name obtuse than his real name register the name,together with the names and addresses of the proprietors, in some public office

Co ownership comes in many guises. The four most common are joint tenancy, tenancy in common,tenancy by the entireties, and community property.

In joint tenancy, the owners hold the property under a single instrument,such as a deed, and if one dies, the others automatically become owners of the deceased's share,which does not descend to his heirs. Tenancy in common has the reverse rule, the survivor tenants do not take the deceased's share.each tenant in common has a distinct estate in the property. The last two forms are limited to spouses. And their effects are similar to that of joint tenancy.

Partnership by estoppel

Partnership arising when in fact none exists,where one allows himself or herself to be represented as a partner, thus incurring partnership liability

If the business cannot be performed within one year form the time that the agreement is entered into. The partnership agreement should be in writing to avoid invalidation under the statute of frauds.

Partnerships at will are not covered by the statute of frauds

Joint venture is an association of persons to carry on a particular task until completed. "Temporary partnership"

Sometimes two or more businesses will form a joint venture to carry out a specific task and will incorporate the joint venture, known as joint venture corporation.

express partnership

partnership intentionally created and recognized, orally or in writing.