Iowa Code section 486A.101(6) states that a general partnership is "an association of two or more persons to carry on as co-owners a business for profit [. . .]." In other words, if two or more individuals do nothing more than verbally agree to conduct business as owners, a general partnership is formed. Partnerships consist of relationships between two or more persons embodied in an agreement. Creation of the agreement establishes rights and duties between the partners and regulates their conduct as they transact business.Sources of partnership law are many. Much of this law has been codified in the Iowa Uniform Partnership Act, Iowa Code chapter 486A. While no statutory filing is needed to form and operate a partnership, chapter 486A assists individuals in creating and defining the relationship between the partners. It can also be a useful reference when the partnership agreement is silent on a particular topic.A general partnership may be created by a verbal agreement,
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