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what are the obligations of a member of a partnership that

Customer Question
operates real estate for private...
what are the obligations of a member of a partnership that operates real estate for private enjoyment to a member who wants to liquidate his interest in the partnership?
Submitted: 8 years ago.Category: Business Law
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8/5/2009
Business Lawyer: NYLAWLADY, Attorney replied 8 years ago
NYLAWLADY
NYLAWLADY, Attorney
Category: Business Law
Satisfied Customers: 814
Experience: 15 YEARS IN PRIVATE PRACTICE BUSINESS COMMERCIAL LITIGATION
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You need to refer to the partnership agreement that was signed when the partnership can into existence. That is why these are drawn up initially so as to address such a possibility.
If I've helped, please click ACCEPT so I can get credit for my work. This is informational only and is NOT legal advice. There is no attorney-client relationship. Consult a lawyer in your jurisdiction for specific legal advice.
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Customer reply replied 8 years ago
it appears that the original partnership agreement was poorly drawn up. the agreement only states that the 3 GP's must agree on all decisions. it does not state anything regarding a partner who wants to terminate his participation.

what would be the next steps or waht remedies does the partner have to force some action from the other partners.
Business Lawyer: NYLAWLADY, Attorney replied 8 years ago
If the situation is not resolved,the partner can force, through the courts, the dissolution of the partnership and then he would receive his compensation as determined by the court. It would be better to try to work things out before this happens.
If I've helped, please click ACCEPT so I can get credit for my work. This is informational only and is NOT legal advice. There is no attorney-client relationship. Consult a lawyer in your jurisdiction for specific legal advice.
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Customer reply replied 8 years ago
on what grounds can a partner force a dissolution of a partnership? are there any limits to the ability of a partner to force a dissolution? could u explain briefly how the courts would be used and how the process would unfold. would the courts force the sale of the property by all partners? If the partner interested in exiting the partnership has given me a price at which he would sell and asked for a price at which i would buy - am i obligated to respond and what are the downsides to not responding or simply saying that his price did not indicate that he is a serious seller?

I am aware that its better to work things out and of course i know that lawsuits can be initiated but im looking for a bit more detail. would you be willing to provide this so i can accept your answer. this is my first time using the service.

Business Lawyer: NYLAWLADY, Attorney replied 8 years ago
I cannot give you on this service, the specific legal advice you are seeking but I can tell you that the partnership must get an certified independent audit of its assets in order to know what the value of the partnership is. This would be the basis for the negotiations with the partner who wants out. The only criteria for the partnership to be dissolved by the courts is that the partners do not agree on how to do it. Yes, the courts would force a sale so that the partnership could be dissolved and each partner receive their fair share as determines by the value of the partnership and the decision of the court.
If I've helped, please click ACCEPT so I can get credit for my work. This is informational only and is NOT legal advice. There is no attorney-client relationship. Consult a lawyer in your jurisdiction for specific legal advice.
NYLAWLADY
NYLAWLADY, Attorney
Category: Business Law
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Experience: 15 YEARS IN PRIVATE PRACTICE BUSINESS COMMERCIAL LITIGATION
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