Maine § 1022. - Formation of partnership
Full text of Maine Maine Revised Statutes § 1022. — Formation of partnership, with citation guidance and answers to common questions.
§ 1022.. Formation of partnership
1. Formation of partnership. Except as otherwise provided in subsection 2, the association of 2 or more persons to carry on as co-owners a business for profit forms a partnership, whether or not the persons intend to form a partnership.
2. Not partnership. An association formed under a statute other than this chapter, a predecessor statute or a comparable statute of another jurisdiction is not a partnership under this chapter.
3. Determination of formation; rules. In determining whether a partnership is formed, the following rules apply.
A. Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property or part ownership does not by itself establish a partnership, even if the co-owners share profits made by the use of the property. [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. The sharing of gross returns does not by itself establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived. [PL 2005, c. 543, Pt. A, §2 (NEW).]
C. A person who receives a share of the profits of a business is presumed to be a partner in the business, unless the profits were received in payment:
(2) For services as an independent contractor or of wages or other compensation to an employee;
(3) Of rent;
(4) Of an annuity or other retirement or health benefit to a beneficiary, representative or designee of a deceased or retired partner;
(5) Of interest or other charge on a loan, even if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds or increase in value derived from the collateral; or
(6) For the sale of the goodwill of a business or other property by installments or otherwise. [PL 2005, c. 543, Pt. A, §2 (NEW).]
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1022.
What does Maine Revised Statutes § 1022. cover?
Section 1022. ("Formation of partnership") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1022.?
A common citation format is "Maine Revised Statutes § 1022." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1022. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.