18 Guam Code Ann. § 25201
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In 18 Guam Code Ann. § 25201
- 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.
(1) A partnership is an association of two or more persons to carry on as co-owners a business for profit and includes a registered limited liability partnership.
(2) But any association formed under any other law of Guam or any law adopted by authority, other than the authority of this government, is not a partnership under this Chapter, unless such association would have been a partnership in Guam prior to 1934; but this law shall apply to special partnerships except insofar as the law relating to such partnerships is inconsistent herewith.
SOURCE: CC § 2400. Subsection (1) amended by P.L. 23-65:2.