General Partnership Formation Flashcards
1
Q
Generally, what is a “general partnership”?
A
A general partnership is a type of partnership that has NO limited personal liability (i.e., general partners remain personally, jointly and severally liable for ALL debts of the partnership).
2
Q
How is a general partnership formed?
A
A general partnership is formed when:
1. Two or more persons;
2. Associate as co-owners;
3. To carry on a business for profit.
3
Q
True or false: Do courts consider whether the parties INTENDED to form a partnership?
A
NO, COURTS DONT GIVE A FUCK
4
Q
What factors will courts consider in determining whether a partnership exists?
A
Sharing of profits (unless the payment is for debt, rent, wages, or services)
Joint ownership;
Sharing control
