Possible Legal Issues with a Former Partner and How to Avoid Them

http://photos4.meetupstatic.com/photos/event/5/1/a/d/600_445640909.jpeg

The present realities are that many entrepreneurs work on the projects with other parties without officially forming a business entity. The reasons may be different. The prevailing ones are to save costs and/or to wait until they are confident in the viability of the business. It is important to know how such business relationships are viewed according to the law and what provisions the law imposes on the participating individuals. When there is no formal agreement in writing, the law establishes certain default rules for governing such partnership. Those default rules often do not reflect the best interests of the partners but legally bind them when they have not established their own. However, there may be some equitable defenses to prevent a total windfall to one party if it contradicts with the initial understanding of the parties.

During our meetup we will discuss

· What is a general partnership?

· Which circumstances trigger its formation by default? Was there ever a general partnership?

· Liabilities of Partners to Third Parties

· Rights & Liabilities Between Partners

· If there was a general partnership, did that partnership legally end?

· other relevant matters.