Review Partnership Agreement in New Jersey for Business (2024)
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Partnership Agreement
New Jersey
Business
Business
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Partnership Agreement
California
Can a partnership agreement be modified without the consent of all partners?
I am currently a partner in a small business with two other individuals, and we have a partnership agreement in place that outlines our rights, responsibilities, and profit-sharing arrangements. However, I have recently been approached by one of the partners who wants to make significant changes to the agreement, including altering the profit-sharing percentages and the decision-making process. I am concerned about the potential impact these changes could have on my rights and the overall stability of the partnership. Therefore, I would like to know if it is legally permissible for the partnership agreement to be modified without the unanimous consent of all partners, and what steps I can take to protect my interests in this situation.
Lorraine C.
I understand your concern regarding modification of an existing partnership agreement. However, the answer is "it depends," which no client wants to hear. The specific terms of the partnership agreement would control whether modification without unanimous consent was proper -- and the only way to make that determination is to have an attorney review the partnership agreement and advise you. I hope this helps! Lorraine Coats, Esq.
Partnership Agreement
New York
Can a partner in a partnership agreement be held liable for the actions of another partner?
I am currently in a partnership agreement with two other individuals, and we have recently encountered a situation where one of the partners engaged in illegal activities on behalf of the partnership. I am concerned about the potential liability that I may face as a result of their actions, and I would like to know if it is possible for a partner to be held personally liable for the actions of another partner in a partnership agreement.
Akash K.
As with most legal questions, the answer is "it depends". In this case, it would depend largely on the relationship between your partner's illegal activities and the partnership - which would also be impacted by the type of partnership, terms of the partnership agreement and any actual or constructive knowledge you and/or your partner had regarding the illegal actions. However, in some cases it would be possible to be held personally liable for your partner's actions.