If two or more people clearly have a business – including financial assets, contracts with employees or agents, a source of income and debts generated in the name of the transaction – there is a partnership. A more difficult question arises when two or more people own property. Do they automatically become partners? The answer can be important: if one of the owners injures a foreigner during the commercial activity relevant to the property, the latter could sue the other owners if there is a partnership. A partnership agreement will establish the internal management rules for the partnership. It cannot establish rules on the relationship between the partnership and third parties. The mere existence of an agreement called a « partnership agreement » and the characterization of the signatories of « partner » documents do not conclusively demonstrate the existence of a partnership. On the contrary, the intention of the parties, as explained by the text of the agreement, is of the utmost importance. Where there is a partnership agreement, it is important that the official recipient receives a copy to determine the terms of the agreement between the partners. Epsco submits that Applicant No. 3`s Exhibit 3 and the applicant`s exhibit No. 11, written to Epsco and the CWC account in the name of « Gary A.
or Reggie J. Chavers, » showed reggie posing as a CWC partner. Exhibit 3 of the applicant was signed by Gary and exhibition 11 of the applicant was signed by Reggie. The controls are evidence that Reggie, as a CWC partner, abstained from the public and Epsco could have deferred to the controls before extending the credits to CWC. The court was not clearly wrong in finding that the controls supported a finding of the partnership by estoppel. The basic law of partnership is found in the Uniform Partnership Act and the Revised Uniform Partnership Act. It was adopted by 35 states. Under common law, a partnership is not a legal entity and could not be sued or sued in the name of partnership. Partnership law defines a partnership as « an association of two or more people who, as co-owners, run a profitable business. » The Uniform Partnership Act (UPA) assumes that a partnership is an aggregation of individuals, but also applies a number of rules characteristic of corporate theory.
The Revised Uniform Partnership Act (RUPA) assumes that a partnership is an entity, but it applies an essential rule, characteristic of the overall theory: partners are ultimately responsible for the partnership`s commitments.