Legal Question in Business Law in Georgia
Upon the incapacitation of a partner, is he considered to have withdrawn from the partnership? Partner has a POA and there is a minimal partnership agreement.
"This partnership shall continue until dissolved by mutual consent of the parties or by operation of law."
"Should a majority of the partners mutually agree to dissolve the partnership, then and in the event, said partnership shall be wound up."
3 Answers from Attorneys
As a Franchise Attorney I can say this. More than brief excerpts of the agreement are necessary. The entire partnership agreement, as well as all facts and circumstances need to be reviewed and considered. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
You didn't post enough information to answer (what you did post makes the answer likely to be no). On something this vital, see your business attorney.
Without some language in the partnership addressing the issue otherwise, the incapacitated partner would remain a partner.
If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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