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LegalCornerTM - Partnerships F.A.Q.'s

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Q.Can a partnership be formed orally, without a written agreement?

A.A partnership is typically characterized by two features: (1) joint participation in the mangagement, control, profits and losses of a business, and (2) profit sharing. Where these two elements exist, an oral general partnership may be inferred to have been formed. In other words, a general partnership is not dependent on a written agreement, and can be formed even where the persons may not have intended one to be formed-- that is where parole evidence or the acts and statements of the parties support the finding that an oral general partnership does in fact exist.

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