Wisconsin Statutes 178.0402 – Becoming partner
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Terms Used In Wisconsin Statutes 178.0402
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(2) After formation of a partnership, a person becomes a partner in any of the following ways:
(a) As provided in a partnership agreement.
(b) As a result of a transaction effective under subch. XI.
(c) With the affirmative vote or consent of all the partners.
(3) A person may become a partner without doing any of the following:
(a) Acquiring a transferable interest.
(b) Making or being obligated to make a contribution to the partnership.