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If a business partnership is formed, is there any implied responsibility between the partners (eg. 50%/50%)?If nothing has been put in a written contract between the partners outlining each respective persons responsibility to the business, is there anything implied in simply forming the patnership? Attorney answers (2)
Reputation Level 19
Answered about 3 years ago.
DUI / DWI Attorney in Los Angeles, CA.
Starting a business partnership without a written contract is like begging for a lawsuit, you need an attorney and a contract.
My standard disclaimer: I am not offering legal advice, assume I do not know the law in your state and that I am just making suggestions. Do NOT rely on anything I write and contact a lawyer in your area immediately for real legal advice. 4 people marked this answer as good
Nicholas Chukwuemeka Okorocha, licensed in California
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Reputation Level 9
Answered about 3 years ago.
Securities / Investment Fraud Attorney in Seattle, WA.
Yes, absent agreement otherwise the partnership is assumed to be a 50/50. You need compenetent legal advice for such a business formation.
3 people marked this answer as good
Nicholas Chukwuemeka Okorocha, licensed in California
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