In the absence of a partnership agreement to the contrary, a partner who departs an ongoing partnership is entitled to have the partnership buy out his or her interest. In Rappaport v. Gelfand, the California court of appeal rejected an argument that the value of a partner’s interest should be determined by assuming a one… read more
Occasionally a court decision seems so obvious that it is difficult to understand why the issue was disputed. In Corrales v. Corrales, the California Court of Appeal held that a partnership cannot exist without two or more partners. This common sense conclusion has an important effect on the rights of former partners. Under the California… read more
A well drafted partnership agreement is an important aspect of starting a business.