I had a partnership agreement in a business and without my concern my partner has sold the business

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Feb 10, 2017 08:26 PM 0 Answers
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It would be helpful to see the partnership agreement. Did you both hire the attorney or did one of you pay for the attorney? A standard partnership agreement would protect you. Are you each equal partners or does he or she own more then 1/2 the business. Typically you would have a say if the business was sold especially if you were a 50% or more owner. Even with less then such share your partner has a fiduciary duty= a special relationship with you that’s a higher standard. We presume this is a general partnership. In a limited partnership one partner can make decisions over the limited partners which is why we need to see the partnership agreement. If the business was sold then we should determine the price sold, the assets and debts of the business. If there were any proceeds generally you would receive your ownership interest in the partnership.

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