According to the Uniform Partnership Act, the three key elements of any general partnership are

(1) a board of directors, a written partnership agreement, and a well-defined product or service.

(2) common ownership, shared profits and losses, and right to participate in managing the operations.

(3) two owners, an adequate financial base, and a written statement describing the manner in which profits and losses will be divided.

(4) common stock, a board of directors, and a statement of limited liability.