Any time two or more people jointly endeavor to make a profit, a partnership may arise. A partnership may exist even if there is no formal partnership name and even if the terms “partner” or “partnership” are never used. However, mere joint ownership of real estate does not necessarily give rise to a partnership.
Partnership property includes all property originally brought into the partnership or subsequently acquired by the partnership. If there is a question as to whether certain assets are included in partnership property, the intent of the parties controls. Real estate acquired in the partnership name can only be conveyed at a later date in the partnership name.