Hi there. If you do not have a written partnership agreement, you do nonetheless have a partnership. You will be deemed to own this partnership based on the percentages of distributions made and allocations of profits and losses indicated on your partnership tax return. In addition, your state will have a statutory act governing partnerships which will set out as a default much of the terms of your partnership in the event you have not entered into a written agreement.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.
If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.
If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.
The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.