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Partnerships Archives

Dissolving a Business Partnership in California

dissolving partnership.jpgEverything eventually comes to an end. For a business partnership, that end can come because of a dispute, a retirement, a death or simply because the partners wish to re-form their business as a limited liability corporation. Regardless, business partners need legal representation to ensure that their rights and financial interests are protected throughout the dissolution process. If you are in the process of dissolving a partnership in the Bay Area, please contact an experienced partnership dissolution attorney to learn more about your legal rights and obligations.

Realizing the Fiduciary Duties in Partnerships

fudiciary duty.jpgWhen two or more people engage in business for profit, with or without a formal written agreement, they are partners engaged in a general partnership. Partners have fiduciary duties to each other. Depending on the type of business relationship you have (limited or general) partnership, fiduciary duties will vary. In California, Corporate Code ยง16404 dictates the fiduciary duties of partners, along with any written terms of agreement between the partners. Fiduciary duties expose partners to liability when they fail to live up to their obligations.

Preventing Partnership Disputes: Drafting a Partnership Agreement Can Go the Distance

business-partnership-agreement.jpgWhen you decide to go into business with someone, you think about many things. It is great to have a partner, as two heads are better than one. Also, it is a much more exciting endeavor when you are working with a friend, and sometimes having a partner can also lead to an exponential increase in profits. This type of business arrangement, working with a friend or close acquaintance, is common in many businesses today.