Legal Question in Business Law in Nebraska

I`m part of a real estate partnership and will be leaving the partnership in September. All partners pay $2,000 per month for shared expenses (rent, advertising,etc). Earlier this year, we had more money in our general fund than needed so we voted not to "put-in" for two months. I have now announced my retirement in September and the other partners are claiming that I should now have to put in the $4,000 to cover expenses later in the year (once I am gone). Do they have any merit? As part of our partnership agreement, retiring partners are paid $16,000 when leaving (the original amount put in to start the business). My partners are claiming they will withhold $4,000 from the $16,000. What are my options?


Asked on 8/05/10, 9:18 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say a careful review of your partnership agreement is needed. From what you've said, you seem to have a good argument the $4k cannot be withheld. Consult with a good business attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 8/10/10, 9:45 am


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