Business Partnerships in Minnesota
A partnership is two or more individuals who form a business with a motive for profit. A partnership can be created with or without a written agreement. If no written agreement governs the partnership, the Minnesota Uniform Partnership Act (MUPA) controls the partnership in case of dispute. If the profit and losses are not set by the partners, the MUPA provides that profits and losses will be shared equally. It is important when forming a partnership to consult with a Minnesota business lawyer to determine if a partnership is the best entity to use, and to create a written agreement between the partners.