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 Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118648
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

Wanted to ask you something about a parnership. What happens

Customer Question

Hi Simmons
Wanted to ask you something about a parnership. What happens when they are only two owners and the percentage is 60%/40% do I have to do what the one with more percentage says. Meaning he wants to run the business diferently then I do? And he told me since he has 60% I have to do what he says
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
It all depends on whatever partnership agreement you have in writing. Absent an agreement in writing, the partners have equal rights and authority to participate in managing the business. Generally, each partner has one, equal vote when matters need to be decided. Unless a managing partner is designated in an operating agreement, who would be responsible for day to day operations, both of the partners have equal management authority as well.
So, absent any written agreement to the contrary, you are both equal in the rights you have even though you share proceeds 60-40.