Napkin Litigation®: Is a Real Estate Business a Partnership?

• 1 Shared net profits and signed partnership tax returns as prima facie evidence of a partnership
• 2 Deed title, EPTL presumptions, tax reporting, and book entries as factors weighing against partnership treatment
• 3 Mandatory accountings, books and records access, equitable disgorgement, receiverships, and buyout remedies available to partners
• 4 When a notice of pendency is unavailable for a partnership interest and when constructive trust or surcharge claims apply

Based on transcript analysis