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Lucy, Esq.
Lucy, Esq., Attorney
Category: Business Law
Satisfied Customers: 28831
Experience:  Attorney
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Is one considered a partner although there is nothing formed

Customer Question

Is one considered a partner although there is nothing formed legally as partnership and just because he invested some money with a friend?
Submitted: 6 years ago.
Category: Business Law
Expert:  Lucy, Esq. replied 6 years ago.
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Lucy, Esq. :

Hi, my name is XXXXX XXXXX I'd be happy to answer your questions today.

Lucy, Esq. :

No, a person is not a partner simply because he invested some money with a friend. To form a partnership, there must be an agreement that the people involved will act as partners.

Lucy, Esq. :

It doesn't have to be in writing, but there has to be a meeting of the minds: who does what, the purpose of the partnership, when it ends, etc.

Customer:

It doesn't have to be in writing? Verbal agreement partnership is legal then?

Lucy, Esq. :

Yes, it is. As long as you agree to be partners. If the agreement was only that one person would invest, that's not a partnership.