LAW 18B Chapter Notes - Chapter Ch. 37 All forms of Partnerships: Uniform Partnership Act, Intangible Asset, Independent Contractor

• School: Long Beach City College
• Department: Business, Law
• Course: LAW 18B
• Professor: Professor Bernal

Document Summary

Partnerships are governed by common law & statutory laws. Each partner is deemed to be the agent of the other partners & of the partnership. Each partner has an ownership interest in the firm in which each person agrees to commit funds or other assets, labor, & skills to the business with the understanding that profits & losses will be shared. The uniform concept act (upa) governs the operation of partnerships in the absence of express agreement. Partnership: an association of two or more persons to carry on as co-owners a business for profit . To determine whether a partnership exists, courts usually look for 3 essential elements: a sharing of profits & losses, a joint ownership of the business, an equal right to be involved in the management of the business. Joint ownership of property does not in & of itself create a partnership. A majority of states treat a partnership as an entity.