Legal Question in Business Law in Colorado

Myself and 3 other individuals entered into a partnership and created a mobile marketing company. It has come to light that 2 of the partners are not holding the company's best interests. When researched I found that the partner filed our business license that included a space in the name. We operate under a name without a space in it. I have since filed the correct business license. I would like to know if this mistake can void our Partnership Agreement and Company Operating Agreement which I drafted using the correct name.


Asked on 3/18/13, 10:46 am

1 Answer from Attorneys
Christopher Rhyme

The fact that a space was incorrectly placed in the business name is unlikely to have any significant impact unless the partners were doing business under that name as if it were a separate entity. However, partners owe each other fiduciary duties and depending upon their activities they may be liable under several theories including breach of these fiduciary duties and/or usurpation of corporate opportunities.

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Answered on 3/18/13, 11:07 am


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