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#681619 - 02/07/07 02:16 PM Partnership Agreement
SamIAM Offline
100 Club
Joined: Nov 2004
Posts: 212
I'm looking for the state regs that deal with partnerships, ie., whether or not they require a written agreement in SC. I'm having no luck. I'm originally from Florida where they don't require a formal written agreement to be a partnership. There was a "one size fits all" partnership agreement they could use. Is this the same in SC?

Thanks.

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#681898 - 02/07/07 05:17 PM Re: Partnership Agreement SamIAM
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
I do not know any states where there is a requirement for a formal partnership agreement. There are states that have and optional filing and others that require a filing when the partnership owns real property. The Uniform Partnership Act defines a partnership by the action of its partners. If you share profits in a business you're a partner in the business, if the organization is not registered. You can become a general partner even if you did not intend to form a partnership if you share profits.

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