Nature of a Partnership

Section 16201 provides that a partnership is an entity distinct from its partners.

Section 16202 states that the association of two or more persons to carry on as coowners a business for profit forms a partnership, whether or not the persons intend to form a partnership. An association formed under a statute other than this chapter, a predecessor statute, or a comparable statute of another jurisdiction is not a partnership under this chapter. In determining whether a partnership is formed, three specified rules apply.

Section 16203 provides that property acquired by a partnership is property of the partnership and not of the partners individually.

Section 16204 explains that property is partnership property if acquired in the name of either of two specified entities. Property is acquired in the name of the partnership by a transfer to either of two specified entities.