Partnership = association of two or more persons to carry on a for-profit business as co-owners.
Must be an intent to carry on the for-profit business, but need not be specific intent to form a partnership.
Writing evidencing the agreement will be required if statute of frauds applies (i.e., one-year contract)
Test for whether partnership has been formed
: sharing of profits from the business. Exceptions:
- deb payments
- interest or other loan charges
- wages or compensation to employees and independent contractors
- goodwill payments from sale of business
- retirement and health benefits
- joint ownership of profit-producing property where no intent to partnership is evident.