449.6 Partnership; definition; effect of act as to prior and limited partnerships.
169 words·~1 min read·
/mi/chapter-449/449-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
449.6 Partnership; definition; effect of act as to prior and limited partnerships.
Sec. 6.
(Partnership defined).
(1)A partnership is an association of 2 or more persons, which may consist of husband and wife, to carry on as co-owners a business for profit; any partnership heretofore established consisting of husband and wife only, formed since January 10, 1942 shall constitute a valid partnership.
(2)But any association formed under any other statute of this state, or any statute adopted by authority, other than the authority of this state, is not a partnership under this act, unless such association would have been a partnership in this state prior to the adoption of this act; but this act shall apply to limited partnerships except in so far as the statutes relating to such partnerships are inconsistent herewith.
History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9846 ;-- Am. 1941, Act 272, Eff. Jan. 10, 1942 ;-- CL 1948, 449.6 ;-- Am. 1957, Act 59, Eff. Sept. 27, 1957