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Flashcards in Nature and Formation Deck (4)
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1

Requirements for formation

Partnership is based on agreement between the parties

 

no particular formalities or statutory requirements are required

2

Tests of Partnerships

  • Intent of the parties
    • Express agreement
  • Oral contract
  • Inferred from the conduct of the parties

3

Prima facie evidence that person is party of the partnership

Receipt of a share of the profits

4

Conveyance

If title to real property is in partnership name, any partner may convey title by conveyance executed in the partnership name