Formation of a Partnership Flashcards
1
Q
A partnership agreement that cannot be completed within one year
A
must be in writing
2
Q
A partnership agreement
A
May be express or implied based on the activities and conduct of the partners.
3
Q
What must be in writing in a partnership?
A
1) A partnership agreement that cannot be completed within one year
2) Sale of goods of $500 or more
3) Agreements to buy and sell real estate
4) Partnership’s who’s purpose is buying a selling real estate (must exceed one year)
