What Property Rights do Business Partner in New York Possess?
If you are an owner or investor in a New York business then your rights will depend on how your "business" assets are owner. Typically business assets are owned by corporations or limited liability companies. However if you have not established a corporate entity but you and a partner established a business then your business is being owned by and operated by a "partnership". Under New York law, as a "partner" of a business you possess legal rights in and to business assets comprised of:
- Partnership property, i.e., the business assets and revenues;
- Interest in the partnership, i.e.,your rights as between you and your business partner;
- The right to participate in the management of the business.
Understanding your business and partnership rights is critical to protecting your legal and business interests. Many partnerships are formed by oral agreements and even though you may not have a written agreement you nevertheless have rights under New York partnership laws.
To learn more about your New York partnership interests and rights, order a complimentary copy of "The New York and New Jersey Partnership Dispute Guide".
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- An Entrepreneurs Guide to Purchasing a Business or Franchise
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- The New York and New Jersey Partnership Dispute Guide
- Franchise Counsel Program