Partnerships Flashcards
1
Q
What is a Partnership?
A
A partnership is an association of two or more persons to carry on a for-profit buisness as co-owners. RUPA 101(6).
2
Q
For the purpose of a partnership, a person must _______.
A
For the purpose of a partnership, a person must have the capacity to contract.
3
Q
What is the requisite intent to form a partnership?
A
At least two persons must intend to carry on a buisness as co-owners for profit, but it is not necessary that such persons have the specific intent to form a partnership. RUPA 202(a).
4
Q
Does the subjective intent of co-owners not to create a partnership preclude the formation of a partnership?
A
No. co-owners subjective intent not to form a partnership does not prevent the association from being a partnership.
