The attorney reviewed the agreement (he'll be sending me a bill). He said it is air tight. As long as the Managing Partner is alive, the other partners have no ability to gain access to the partnership's assets whatsoever.
Yes, fair point. I'll spend the $50.
But, for what it's worth, this is what the Tennessee Revised Uniform Partnership Act (which is actually referenced in our partnership agreement) has to say about disassociation:
The above is from section 601(1), which is referenced in the below:
There are...
The partnership agreement does say that the liquidated assets are paid out to the partners, after payment to creditors and such (which we don't have any). Standard fare really. But dissolution can only occur with either the Managing Partner's consent or unanimous consent from all partners...
While I would rather have obtained a direct answer to my question, I think I understand what you're trying to say. I can disassociate with the partnership, but as the partnership still exists with the agreement that states the Managing Partner retains control over asset/cash distribution, my...
I am a general partner in a TN partnership which contains 4 partners in total and with one partner serving as the "Managing Partner".
The Managing Partner structured the agreement as such that he has sole authority over all distributions/profits from the partnership.
The agreement has...