Partnerships

Question 1

Partnership formation

Answer 1

Intent to carry on business, no written agreement needed unless under SOF

Courts will look to extent. Of business

Generally, if profit sharing , partnership exists

Question 2

Partner by estoppel

Answer 2

Representation does that person is in partnership

Person consents to rep

3rd party relies on rep

3rd party suffers damages

Question 3

Personal liability of partners

Answer 3

Partners not protected from personal liability of partnership

Partner can bind partnership