Under the law, the most basic partner’s rights are a share in the profits of the venture and participation in the management of the enterprise. Most states have enacted partnership statutes. Parties can opt out from many of the statutory provisions simply by adopting different rules in their own partnership agreement. Thus, in any dispute among partners, one must be aware of the applicable provisions that may exist either in the statute or in the partnership agreement.
Partners owe each other fiduciary duties involving trust, loyalty and confidence. Underlining many disputes among partners, there are claims that fiduciary duties were breached causing damages to the non-breaching parties.
Partnership disputes may be very disruptive to a business. We have litigated many of the issues that arise in connection with partnerships, including attempts to remove general partners from the management of the company.
If you are facing a dispute involving a partnership, our attorneys may help you understand your rights and plan a course of conduct that will be most beneficial to you. Our offices in Manhattan are within easy access of the federal and state courts in Manhattan, Brooklyn, Bronx, Queens and Staten Island. We also have easy access to the federal and state courts in Central Islip, White Plains, and Northern New Jersey (Bergen and Essex counties).