Graham v. United States

PAGE, Circuit Judge.

From the facts, stipulated in the District Court, it appears that the appellant in each of these cases was an equal partner with the other in a manufacturing business in Indiana, and concerning that business they made the following agreement with their fourteen year old son: “The oral agreement was that the son should have for his own one-third of the profits of the business which would be reduced by one-third of any losses sustained in any year.”

The sole question is, Did that agreement as between these parties constitute a partnership? We are of opinion that, on authority…