Is a business partnership entered into via a verbal agreement valid

Butte, MT Viewed 78 times. Posted 4 months ago in Partnership

About five years ago I entered into a partnership with my nephew I retired and wanted him to buy me out but he refuses to do anything about it . We did not have a contract just an verbal agreement is there anything I can do about it.

Answers (1)

Kaiser Wahab

This attorney is licensed in New York and 1 other state. Posted 4 months ago.

This depends on the partnership law in your state. I can tell you that in NY (since I do not practice in MT) and in many other states a partnership can be oral in nature. However, bear in mind that the oral agreements tend to suffer greatly when one partner wants to enforce a specific action, especially a buy out.

I hope this helps.

Disclaimer: This answer is for informational purposes only and does not constitute general or specific legal advice, nor create an attorney client relationship.

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