The formation of the general partnership makes certain rights and obligations for the partners who are settled by the partnership agreement and state law.

Formation of a General Partnership
There’s little necessary formality to making a partnership. The most important factor is whether the parties part in the incomes and responsibilities of managing the business. Prove that the parties’ part in the incomes of the business is prima facie evidence of the existence of the partnership. The degree of management responsibility of some party isn’t Continue reading →