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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22490
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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If you have a partnership between 4 people can two partners

Customer Question

If you have a partnership between 4 people can two partners go in and sign the sale of the business without the knowledge of the other two partners?
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.
This should not be done be without a Resoltion from all the partners. However the contract for sale could be enforceable because the partners would have authority to sell in the eyes of third parties like the purchaser. This means that the purchaser could enforce the sale. This would then be a breach of the partnership agreement which would entitle the other partners to sue the partners who did this, for any losses incurred by the sale.

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