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my partnership agreement states that if i declare 'bankrupcy' or 'insolvency' i no more partner and only get amount in cap acct
Los Angeles, CA
Viewed 18 times.
Posted about 1 month ago in Bankruptcy / Debt
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i am in a general parnership with family, i own 12%, we own land and an industrial center...my brothers tell me if i become an order of bankrupcy or insolvency..i no longer am a partner and only get what is in my capital account, which is 5x less then current market prices for our assets
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Answers (2)
Dana Howard Shultz
This attorney is licensed in California.
Posted about 1 month ago.
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Do you have a question about the agreement or your rights under it?
Pamela Koslyn
This attorney is licensed in California.
Posted about 1 month ago.
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If your brothers are your partners, I wouldn't take their word for it. If you have a written partnership agreement, you need to review it, or hire a lawyer to review it, regarding what happens if a partner files for bankruptcy or becomes insolvent.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. |
