How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
9968427
Type Your Business Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

A lot of partnership agreements have a date at which they are

This answer was rated:

A lot of partnership agreements have a date at which they are dissolved. Is this necessary or can partnerships be perpetual?
*Nothing herein is intended as legal advice, only intended as general information to better help yourself.*

Welcome,

My name is XXXXX XXXXX I will do whatever I can to answer your questions!

A partnership agreement is not required to have a termination date. In fact, a partnership agreement is not even required to be in writing. A partnership can be inferred by the conduct of the parties. Where there is a written partnership agreement, the partnership will be presumed to continue indefinitely absent a termination date and therefore most written partnership agreements state a termination date.

I would be glad to respond to any related follow-up questions that you may have.
Customer: replied 4 years ago.

Thank you. Why would a partnership want to have a termination date since they can dissolve by agreement? If they have a termination date, can it just be amended if it gets to close for comfort?

Thank you.
My pleasure

Why would a partnership want to have a termination date since they can dissolve by agreement?
The termination date provides an agreement to terminate as of the specific date unless they agree otherwise

If they have a termination date, can it just be amended if it gets to close for comfort?
absolutely
Ellen and other Business Law Specialists are ready to help you