Louisiana Revised Statutes 31:215 – Contracts; partnership status
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 31:215
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A written contract for the joint exploration, development, or operation of mineral rights does not create a partnership unless the contract expressly so provides.
Added by Acts 1980, No. 150, §2, eff. Jan. 1, 1981.