formation

Question 1

what is a partnership

Answer 1

association of 2+ intending to carry on BA for profit as co owners

Question 2

what is not needed to form a partnership?

Answer 2

written agreement

Question 3

if there is a written agreement, what must it satisfy?

Answer 3

SOF

Question 4

what is the key test to determine if a partnership has been created

Answer 4

sharing profit?

creates rebuttable presumption

Question 5

when does sharing profits not create a rebuttable presumption?

Answer 5

debt pmts
interest charges
rent
wages
goodwill pmts from BA sale
retirement/health benefits

Question 6

what is partnership by estoppel?

Answer 6

repping yourself as being a partner

TP relies on you being a partner

TP damages

Question 7

what is not a defense for partnership by estoppel?

Answer 7

if there’s a public representation he is a partner, he cannot just argue he is unaware

Question 8

what can a partnership do?

Answer 8

buy and sell property

sue and be sued

Question 9

why does it suck to form a partnership?

Answer 9

partners not protected from personal liability for partnership obligations

Question 10

whats a joint venture

Answer 10

limited specific purpose

partnership rules apply here too