Articles Tagged with business partners

312023-1-300x300Partnerships are incredibly common business entities that many Californians enter on a regular basis, often to acquire and develop real estate over many years. Unfortunately, many fail to get off the ground, as mismanagement, poor spending, and bickering derail what may have been promising ventures. 

In these instances, a single partner can apply to have a court dissolve the partnership, effectively ending the entity by triggering wind-up procedures. At Underwood Law firm, our attorneys know how tough this situation can be. Thankfully, our attorneys are well-versed in partnership law, and we know the best ways to tackle the disputes that accompany dissolution and winding up. Our team has the legal acumen and skills necessary to help you achieve your litigation goals. 

When can a partnership be dissolved? 

2172023-300x300Partnerships are incredibly common business entities that many Californians enter on a regular basis, often to acquire and develop real estate over many years. But even the most successful arrangements must come to an end. Unfortunately, more often than not, the dissolution procedures “unwind” what may have been a series of cordial and respectful relationships between all involved. 

At Underwood Law firm, our attorneys know how tough this situation can be. Thankfully, our attorneys are well-versed in partnership law, and we know the best ways to tackle the disputes that accompany dissolution and winding up. Our team has the legal acumen and skills necessary to help you achieve your litigation goals. 

When can a partnership be dissolved? 

Underwood-Blog-Images-300x300In California, business enterprises can take many forms (LLCs, corporations, partnerships, etc.). But perhaps the most unique is the “joint venture,” a special entity that, more often than not, is imposed by courts as a matter of law. This is because a joint venture is simply an “undertaking by two or more persons jointly to carry out a single business enterprise for profit.” (Unruh-Haxton v. Regents of University of California (2008) 162 Cal.App.4th 343, 370.) 

Joint ventures can be thought of as informal general partnerships, lacking the formalities of partnership agreements and usually lasting for a shorter duration. That said, they nonetheless carry the same fiduciary duties and responsibilities associated with partnerships in California. Moreover, the statutes within the Revised Uniform Partnership Act apply with equal force to both types of entities. (Chambers v. Kay (2002) 29 Cal.4th 142, 151.) 

At Underwood Law Firm, our attorneys are well-versed in the law behind joint ventures and partnerships, particularly as these entities relate to real estate projects. With our skills, we stand ready to help all of our clients achieve their litigation goals. 

Contact Information