Suppose a man and a woman who own their home as tenants choose summer by sea and rent their home for three months. Is the condominium sufficient to realize that they are partners? The answer is no. According to UPA Section 7 (2) and RUPA Section 202 (b) (1), the various forms of co-ownership alone do not create partnerships, whether or not the co-owners share benefits from the use of the property. To create a partnership, ownership of a business must be, not just ownership. (a) When a person claims to be a partner through words or behaviour or agrees to be represented by a partner, in partnership or with one or more persons, non-partners, the alleged partner is liable to a person to whom the representation is addressed if that person enters into a transaction with the actual or alleged partnership by referring to the representation. The agreement itself is a contract and should follow the principles and rules set out in Chapter 8 “Introduction to Contract Law” by Chapter 16 “Corrective Measures.” Since the relationships of partners with themselves and their activities must be defined, each partnership agreement should clearly define the following conditions: (1) the name under which the partners will do business; (2) the names of the partners; (3) the nature, extent and location of the business; (4) each partner`s capital contributions; (5) how to distribute profits and losses; 6. how wages should be determined, if any; (7) each partner`s responsibilities in running the business; (8) restrictions on the power of each partner to hire it; (9) the method by which a partner can withdraw from the partnership; (10) The continuity of the business in the event of the death of a partner and the formula for paying a quota to its heirs; and (11) resolution method. All other professional organizations are required by law. They are formed by the event of an event that the status describes as necessary for their training. In companies, this act may be the issuance of a charter by the competent official of the state; limited partnerships, the filing of a particular document by partners in a public service.
On the other hand, an infinite number of combinations of circumstances can lead to the co-ownership of a business. Partnership is the residuum, including all forms of co-ownership, one business except professional organizations organized under a specific law.W. D. Lewis, “The Uniform Partnership Act,” Yale Law Journal 24 (1915): 617, 622. Another way to analyze whether there is a partnership is: has there been a “meeting of minds?”.