Wyoming § 17-21-202 Creation of partnership

Wyoming Statutes

§ 17-21-202 — Creation of partnership

Wyoming·Title 17 Corporations, Partnerships and Associations·Ch. 21 UNIFORM PARTNERSHIP ACT·Art. 2 NATURE OF PARTNERSHIP

(a)Except as provided in subsection (b) of this section, the association of two (2) or more persons to carry on as co-owners of a business for profit creates a partnership, whether or not the persons intend to create a partnership.

(b)An association created under a statute other than this chapter, any predecessor law or comparable law of another jurisdiction is not a partnership.

(c)In determining whether a partnership is created, the following rules apply:

(i)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 co-owners share profits made by the use of the property;

(ii)The sharing of gross returns does not by itself establish a partnership, even if the persons sharing t

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(a) Except as provided in subsection (b) of this section,
the association of two (2) or more persons to carry on as
co-owners of a business for profit creates a partnership,
whether or not the persons intend to create a partnership.
(b) An association created under a statute other than this
chapter, any predecessor law or comparable law of another
jurisdiction is not a partnership.
(c) In determining whether a partnership is created, the
following rules apply:
(i) 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
co-owners share profits made by the use of the property;
(ii) The sharing of gross returns does not by itself
establish a partnership, even if the persons sharing them have a
joint or common right or interest in property from which the
returns are derived;
(iii) The receipt by a person of a share of the
profits of a business is prima facie evidence that the person is
a partner in the business, but that inference may not be drawn
if the profits were received in payment:
(A) Of a debt by installments or otherwise;
(B) For services as an independent contractor or
of wages or other compensation to an employee;
(C) Of rent;
(D) Of an annuity or other retirement or health
benefit to a beneficiary, representative or designee of a
deceased or retired partner;
(E) 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
(F) Of consideration for the sale of the
goodwill of a business or other property by installments or
otherwise.
(d) Except as provided by W.S. 17-21-308, persons who are
not partners as to each other are not partners as to other
persons.
(e) A partnership created under this chapter is a general
partnership and the partners are general partners of the
partnership.