New York Partnership Law: Important Resources
When faced with economic uncertainty or even a business that is about to take off, all too often partnership and shareholder disputes arise. If you are presently faced with uncertainty as to the protection of your equity and ownership interests, the best course of action is to get information and establish a solid plan to protect your interests. Below are articles and information that you should be aware of to provide you with better insight as to the options available to you.
To learn more about Mr. Internicola’s programs designed to avoid unnecessary partnership litigation, or to effectively protect you interests in partnership litigation, contact Mr. Internicola, Esq.'s staff for a case review.
If you are faced with a dispute with your partners and want to learn about effective options available to you, contact partnership lawyer Charles N. Internicola at 1.800.976.4904. Also, order a complimentary copy of Mr. Internicola's book, "The New York and New Jersey Partnership Dispute Guide".
Summary of Partnership / Shareholder Relationships
The relationship between business partners is one that is created by law. That is, the rights that you possess in your business and the obligations that you owe to your partner are a function of both New York statutory law (the "partnership laws") and the extensive case law comprised of legal decisions rendered by the New York courts over many years. Partners possess specified legal obligations to one another respecting the day-to day maintenance of their business, the division of profits and the overall governance of business activities. In addition to these statutory rights and obligations, partners possess various "fiduciary" duties and obligations" to one another.
When establishing a partnership or if faced with a partnership dispute, it is critical that you thoroughly understand and assess your legal rights. While it is critical to consult with an experienced attorney, it is also critical that you take proactive steps to better understand your legal rights and thoroughly assess the legal advice that you are given. Selecting the appropriate course of action is critical. Listed below are useful links to some of the relevant provisions to New York's Partnership Laws and to helpful articles written by partnership lawyer Charles Internicola.
New York's Partnership Laws
- Article I: (1-5) Short Title; Definitions; Construction
- Article II: (10-12) Nature of a Partnership
- Article III: (20-28) Relations of Partners to Persons Dealing with the Partnership
- Article IV: (40-45) Relations of Partners to One Another
- Article V: (50-54) Property Rights of a Partner
- Article VI: (60-75) Dissolution and Winding Up
- Article VII: (80-82) Business and Partnership Names
- Article VIII: (90-119) Limited Partnerships
- Article VIII-A: (121-101 - 121-1300) Revised Limited Partnership Act
- Article VIII-B: (121-1500 - 121-1507) Registered Limited Liability Partnerships
- Article IX: (125-126) Laws Repealed; When to Take Effect