Nature and Formation Flashcards
1
Q
Requirements for formation
A
Partnership is based on agreement between the parties
no particular formalities or statutory requirements are required
2
Q
Tests of Partnerships
A
- Intent of the parties
- Express agreement
- Oral contract
- Inferred from the conduct of the parties
3
Q
Prima facie evidence that person is party of the partnership
A
Receipt of a share of the profits
4
Q
Conveyance
A
If title to real property is in partnership name, any partner may convey title by conveyance executed in the partnership name
