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Question: Is a "general" partnership formed for the purposes…

Question: Is a "general"...

Question: Is a "general" partnership formed for the purposes of renting residential property not "transferred" to the partnership, required to be registered by the Division of Corporations under Florida statues? Refer to FL Statue Section: (###) ###-####Formation of partnership.—
(3) In determining whether a partnership is
formed, the following rules apply:
(a) Joint tenancy, tenancy in common,
tenancy by the entireties, joint property,
common property, or part ownership does
not, by itself, establish a partnership, even if
the coowners share profits made by the use
of the property.
(b) The sharing of gross returns does not,
by itself, establish a partnership, even if the
persons sharing them have a joint
common right or interest in property from
which the returns are derived.
(c) A person who receives a share of the
profits of a business is presumed to be a
partner in the business, unless the profits
were received in payment:
1. Of a debt by installments or otherwise;
2. For services as an independent
contractor or of wages or other
compensation to an employee;
3. Of rent;
4. Of an annuity or other retirement benefit
to a beneficiary, representative, or designee
of a deceased or retired partner;
5. Of interest or other charge on a loan,
even if the amount of payment varies with
the profits of the business, including a direct
or indirect present or future ownership of the
collateral, or rights to income, proceeds, or
increase in value derived from the collateral;
or
6. For the sale of the goodwill of a
business or other property by installments or
otherwise.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Florida (note it is stated in the question along with the relevant legal Statue) I am not an attorney.

Lawyer's Assistant: Has anything been filed or reported?

Not with the State. Trying to open a credit union account after being in business since 2011 without a Florida Division of Corporation registration but filing IRS Form 1065 and Florida form F-1065 each year.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The Partners are married to one another.

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Answered in 2 hours by:
7/11/2017
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,545
Experience: 30+ yrs. representing small business, real estate, probate
Verified

THe statute that you are quoting here has nothing to do with registering with the state under the corporation laws. By definition, a partnership is not a corporation. There is no reason to surmise that any general partnership must file with the Division of Corporations.

I hope that this has been helpful.

Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,545
Experience: 30+ yrs. representing small business, real estate, probate
Verified
Irwin Law and 87 other Business Law Specialists are ready to help you
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Customer reply replied 9 months ago
Sorry if the quoted statue misled you. Are you versed in Florida law? Prior to posting my question on Just Answers, I contacted the State of FL Division of Corporations who indicated that there are General Partnerships that are required to register with that Department and suggested I contact an attorney to determine if the partnership I am asking about falls within the required category. In fact the statue excerpt I sent you; is specifically for "General" Partnerships I sent you the exceptions; for your reference in determing if the Partnership I described would fall within the quoted exceptions particularly under the "rent" section. I imagined as an expert in Florida Statues you would be versed in the entire section and would be in a position to respond to my question which is definitely related to the Florida Division of Corporations which also includes Limited Liability Companies, Partnerships, etc., as well as "fictitious names" for businesses including sole proprietorship's. If you can take a second look I would appreciate it greatly as I just need confirmation or rejection to my understanding of the statues. The partnership in questions solely receive "rental income" from residential real estate properties accounted for in the partnership but owned and titled by the two partners who have married one another subsequent to setting up the partnership. Thanks again.
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Category: Business Law
Satisfied Customers: 114
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Category: Business Law
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Experience: 30+ yrs. representing small business, real estate, probate

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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