Oral Partnership Agreement Where Immovable Are Contributed Is Valid

The latter point was adopted by thirty-five States. Under the Common Law, a partnership was not a corporation and could not be sued on behalf of the partnership. The partnership law defines a partnership as “an association of two or more persons who, as co-owners, carry out a profit activity”. The Uniform Partnership Act (UPA) considers a partnership to be an aggregation of individuals, but also applies a number of rules that characterize the theory of legal personality. The revised Uniformity Act (RUPA) considers a partnership to be an entity, but applies an essential rule that characterizes aggregate theory: the partners eventually assume the obligations of the partnership. Thus, a partnership may contain business documents, as if it were a legal entity, may hold real estate in the name of the partnership, and may be sued and sued in federal courts and in many public courts in the name of the partnership. Whenever an obligation needs to be released for less than full consideration, it is important that the interests of each partner are represented and that each partner has the right to reasonably grant or refuse acceptance of the transaction.. . . .