Partnership Law

A partnership is the relationship between persons or entities who have agreed to share the profits and liabilities of a business. The business is to be supported by any or all of the partners for the benefit all of the partners. Among other things, partnership law addresses the rights and responsibilities of the partners. In addition to sharing the profits, each partner also has a right to participate equally in the management of the partnership. In many partnerships, a majority vote resolves disputes relating to the management of the partnership. Nevertheless, some decisions, such as admitting a new partner or expelling a partner, require the partners' unanimous consent.