Contract of Partnership Overview

It is possible for a partner to contribute industry alone to a partnership according to the law.

Partners in a contract of partnership must always contribute money, property, or industry to a common fund.

A partnership can be formed without any contributions from the partners.

Partnership agreements must always be established for the common benefit or interest of the partners.

Contributing immovable property or real rights to a partnership does not require any specific documentation according to the law.

Partners can specify in their agreement what each partner should contribute to the partnership.

Partnerships can start without an oral or written contract.

Limited partners can actively manage and exercise control over the business operations.

A general partner in a partnership has limited legal liability.

A partnership agreement is another term for a joint venture between two parties.

Partnerships must file and pay taxes as a separate legal entity.

Contributing immovable property to a partnership must be documented in a public instrument.