WY Bar Practice Questions - Wyoming Bar Examination Exam

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Two people agree to operate a business for profit as co-owners but never file any formation documents with the state. Under partnership law tested on the MEE, what entity, if any, exists?

A corporation, because two or more owners always form a corporation A limited liability company, automatically A general partnership, which arises by operation of law from the association of co-owners carrying on a business for profit No entity, because nothing was filed with the state

Correct Answer:

A general partnership, which arises by operation of law from the association of co-owners carrying on a business for profit

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