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Partnership Laws

A partnership is a good thing to come by in the business industry. When one enters into a partnership, they should be able to trust that other person, or maybe other people, to help handle the responsibilities which would normally be all their own. A partnership is defined as a joint interest, or, in law terms, an association of people joined in business. When dealing with partnerships, one must be very careful to pick the right people, otherwise many difficulties may arise. There are also very many questions that need to be answered about partnerships and how to deal with them. Here are some questions that have been answered by Experts about partnerships that may clear up some confusion.

If the majority of a partnership wishes to sell and there is no partnership agreement, can the majority decide to sell for the whole partnership, and are there certain statutes for this?

There are certain statutes in different states that have “rules” that can be overlooked by changing the partnership agreement and having it say something else. If there is an absence of a written partnership agreement, any sort of contract or agreement signed afterwards by all members of the partnership would be considered a new agreement. This new agreement would be able to be enforced by both partnership and contract laws. However, if not all members consent to sell the entire partnership and there is disagreement on the matter, then this “disagreement” could have the ability to end the partnership. When dealing with partnership law, it is important to remember that when even only one member from the partnership wishes to get out, the partnership automatically ends.

If a partnership consists of three partners and the contract states that any two will have majority, is there anything the third member can do if this member does not agree on a certain decision?

If everything stated in the partnership agreement are being adhered to accordingly, then there is not much the third partner can do to when it comes to making a certain decision unless the decision, investment, or deal requires all three partners to consent and sign. It is possible that when making a certain decision, a third party member may request or demand all three partners to consent and sign. If they are shown the partnership agreement, they may settle for less than all three depending on the third party’s wants and needs. As a last resort, the third partner may choose to sue to judicially end the partnership, in which case appointed authorities will supervise the closing down of the business. However, the other party members may decide to make another agreement to avoid dissolving the partnership.

What steps need to be taken if one has an informal partnership with only one percent interest in the business and the other member has agreed to buy out the partnership?

What would normally happen in a situation like this is that the buyer would pay the former partner the one percent of the current value assessed so the investment in the business would be considered returned. If the accounting and financial statements of the business do not show a current value, a third party appraiser may be needed to evaluate the business and update the value unless the former partner and the buyer have agreed on a certain amount to be paid. The only possible issue with this certain situation would be that unless the buyer agrees to protect their former partner from financial activities related to the business, that partner may not be protected against liability or tax issues. For example, if the IRS is looking back at the business for any tax liabilities, they will look back at both owners of the business at the time.

If one starts a 50/50 business partnership with a personal friend, what rights do spouses have to the money and/or business in the state of a divorce?

A spouse would usually get 50 percent of their spouse’s investments, so the spouse would get 25 percent of the business. In many states, any investments or money made during the time of the marriage would be considered community property, or property the husband and wife own together.

If someone is in a partnership for a company that they do not own, can that partner be held accountable for any liabilities or pulled into any lawsuits formed?

Even if one does not own the company, that person is still considered to be a partner in the business. Being a partner might not automatically make you liable, but it certainly can pull you into and make you responsible for any liabilities or lawsuits.

No matter what kind of partnership you have, whether it is in writing or if it is informal, there are always questions that will arise. Partners wanting out of a partnership will always be advised to go about it legally and carefully so they are not sought after for legal issues. Partnerships can be very profitable and comforting, but if they are not dealt with correctly they can land a person in a lot of financial trouble. If one ever has any questions about partnerships or any other topic, it is always wise to ask the Experts.

Ask a Business Lawyer

Law Pro
Law Pro, Attorney
Category: General
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Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
11688690
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How JustAnswer Works:

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Business Lawyers are online & ready to help you now

Law Pro
Attorney
Satisfied Customers: 1767
20 years experience in business law - sole proprietor, partnership, and corporations
Dimitry K., Esq.
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Run my own successful business/contract law practice.
MShore Law
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Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

Recent Partnership Questions

  • We agreed with my business partner on a job for which I would

    We agreed with my business partner on a job for which I would get $1500-$2000. Job was delayed by a week and next week I couldn't be there 7 days 12h a day to finish it. Now he blames me because he got kicked out of there for not finishing the job on time. Job was delayed for a week not because of me. Because somebody else couldn't finish their job on time. As my partner said that he got only partial money for what was done, he decided not to pay me at all. Because the following week I couldn't be there for seven days from early morning till late night just to finish it by Monday. Meanwhile I was there working. I worked five 10 hour days. I also took my friend to help us for three days. He paid him cash for these three days. So now I haven't get any dollar for my five days. How can I get the money from this person. I still paid for gas getting there and taking extra route to pick up my friend, I still paid babysitter to watch my kids as I expected to get $1500-$2000. And his estimate was one normal five to seven day work. The job was delayed because of floors and baseboard installers hired by house owner. They couldn't finish the job on time and we couldn't paint the house the week before. Owners had to move in by Monday and got mad that all house was not painted. So they cancelled the other check for half of the job (at least that is what my partner said. Don't know for sure if that is true. He called me and told not to come there on Monday). What was left for all the project was maybe one or one and a half day). But we had to finish it in one week instead of two. Plus we had to work the same time with floor workers still finishing their job, owners asked us to go and do separate single rooms on other floors as installers should do their job before. It took extra time going back and forth, preparing for it and cleaning single rooms one by one , instead of cleaning all in once.
    My question is , how can I get my money. In case if the home owner really cancelled the written check, how we can do to get the money for the job done.
  • The tenant is a 66 year old and have been living in a HUD

    The tenant is a 66 year old and have been living in a HUD section 8 apartment building for 14-years he is also the president of the United Tenants Association where he lives and he fight for all the tenants rights and problem they have with management. His rent is 750.00 per month, and HUD pays 500.00 and he pays 250.00. When he was given an eviction notice for some rule violation that he denied to the court in a timely manner, he was told that he had 60 days to work out something with the land lord, and if they did not work anything out there will be a trial. The 60 days will not be up until January 18, 2015. And then there is to be a trial to settle the matter.
    Further, today is only Dec. 20, 2014 and my friend received a letter Dated Dec. 17, 2014 in the mail from the plaintiff attorney titled; REQUEST FOR ENTRY OF DEFAULT (Application to Enter Default). (This is form CIV 100. And the box is checked that say; Enter Clerks Judgment for restitution of the premises only and issue a writ of execution on the judgment. Code of Civil procedures section1174(c) does not apply. (Code of Civil Procedures section 1169) and the box is checked that say; included in the judgment all tenants and other occupants of the premises. The Prejudgment claim of Right of Possession was served in compliance with code of Civil Procedures section 415.46.
    The document also said, Declaration under code of Civil Procedure Section 585.5 (Required for entry of default under Civil Code Proc., Section 585.5(a))
    What is he trying to pull here? And what are my friends options to block this assault and to get into court so a judge or Jury cant here the
  • Mr. Smith is the owner of a 130 unit apartment building located

    Mr. Smith is the owner of a 130 unit apartment building located in Carson, California this building has a HUD section 8 contract for senior citizens.
    On Oct. 7, 2011 “ Big Ed’s Property Management Company Inc.” signed its original contract to manage Mr. Smith 130 unit apartment building located in the city of Carson California and “ Big Ed’s Property Management Company Inc.” Continue to have a contract to manage the same property for Mr. Smith today Dec 20, 2014.
    However, the city of Carson requires all property management companies doing business in the city of Carson to have a City of Carson business license to operate as a property management company in their city for Mr. Smith 130 unit apartment building.
    On Dec. 19, 2014, the City of Carson reported to Mr. Smith in writing that “Big Ed’s Property Management Company Inc.,” does not have a business license to operate in the City of Carson. And there is no record that that “Big Ed’s Property Management Company Inc.,” has ever had a business license in that name.
    Question; Is “Big Ed’s Property Management Company Inc.” operating illegally as a management company in the city of Carson, by not having a business license in the City of Carson, and if “Big Ed’s Property Management Company Inc.,” is operating illegally can “Big Ed’s Property Management Company Inc.” lawfully file an Unlawful Detainer Complaint (eviction action) in the courts stating“ Big Ed’s Property Management Company Inc.” is the Plaintiff ; and the defendant is a tenant living in one of Mr. Smith 130 unit section 8 apartments in the city of Carson? So “Big Ed’s Property Management Company Inc., has filed the eviction action as the Property Management Company against Mr. Smith’s tenant Mr. Williams living in Carson California.
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