partnership agreement

What Are the Legal Rights and Obligations Afforded by a Partnership?

While state statutes will prescribe certain rights and obligations that apply to every partnership formed in the state, partnership agreements can dictate additional rights and obligations that the partners agree upon. This allows partners to determine how their business will be run and set particular expectations for how profits, losses, and duties will be shared.   …

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Can a Partner Be Removed From a Partnership?

Yes, there are a variety of ways a partner can be removed from the partnership, depending on the circumstances. The easiest route is to follow the procedure outlined in a written partnership agreement. A comprehensive partnership agreement will include provisions explaining how and why a partner can be expelled from the partnership.  However, if you …

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