what governs partnerships in manys state in the the absence of and express agreement?
Best Answer:
Usually its the Partnership statute, in some states its the Uniform Partnership Act, and in some others its the Revised Uniform Partnership Act. In many jurisdiction, the common law definition of partnership and the statutory laws of contract and agency govern partnership. At common law a partnership arose either through express or implied agreement where on earth two or more persons associated for the carrying on of a business on a going forward basis (as opposed to a single activity which would be a joint venture). This gave rise to the implication that an agreement be made to carry on the business and that each partner was adjectives to the other fully in equity, and constituted an agent for the others and thereby bound the partnership by his or her acts. So the final answer is a statute, common regulation, or common law supplemented by a statute or statutes.
