Saturday, December 06, 2008

Operation of a general partnership

Absent an agreement tp the contrary, all partners have equal rights to manage the partnership business.

Decisions regarding matters within the ordinary course of the partnership's business may be controlled by majority vote unless the partnership agreement provides otherwise. Matters outside the ordinary course of the partnership's business require consent of all the partners. Examples of areas requiring unanimous consent of all partners include :

a. Adnitting new partners.
b. Confessing a judgment or submitting a claim to arbitration.
c. Making a fundamental change in the partnership business.
d. Changing the partnership agreement.
e. Assignment of partnership property to others.

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home