Fun Fact Friday: Accidental Partnership Formation
Did you know that you can form a partnership without a formal agreement? Actually, it is possible to form a partnership without even intending to form one!
A partnership is just "an association of two or more persons to carry on as co-owners a business for profit." If a partnership accidentally forms, or is formed without a formal agreement, Virginia Code governs the partners and the partnership by default. Otherwise, the partnership can be governed by a formal partnership agreement.