Partnership Disputes

What is a partnership agreement?

The Uniform Partnership Act, also known as the UPA, is a set of legal guidelines that define a business partnership in the United States. The act defines what constitutes a partnership between multiple individuals or companies, how the partnership exists, and who is responsible for the actions of the partners in business situations. This act was created in 1914 and did not change for several decades until it was revised several times in the 1990s.

A partnership agreement, which may also be known as articles of partnership, establishes the working relationship between two or more entities that embark on a joint business venture. Fundamentally, this agreement defines how each partner will relate to the other in terms of tax, legal and organizational aspects of the venture. The agreement establishes accountability for each partner.

A small business partnership act is a document that spells out the terms for parties to agree to own a business jointly. This contract will include the rights and responsibilities of each partner, the amount o money each partner will invest, and the percentage of the business income each will receive. It may also include details about how the business will be operated. A small business partnership agreement may be made between two people, several people, or even between two or more small businesses.

Business litigation lawyers handle lawsuits for businesses such as a dispute between a shareholder and a partnership or contract disputes. A business litigation lawyer thoroughly analyzes the contract and all aspects of the case before considering settlement or litigation.

What can I do?

If you feel you have a claim, our attorneys would like to talk to you. You may be entitled to compensation. Contact us today for a free, no-obligation legal consultation.