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Partnership – Contract – Accounting — Tort/Negligence – Breach of Fiduciary Duty (access required)

Chesson v. Rives Although plaintiffs withdrew from the parties’ accounting-firm partnership, plaintiffs retained personal rights to bring claims for the value of their partnership interest at the time of their withdrawal. This includes claims that plaintiffs suffered losses before the withdrawal, thereby reducing the value of plaintiffs’ partnership shares at the time of withdrawal.

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Partnership – Tort/Negligence – Use of Partnership Property – Expenses – Deferred Maintenance – Damages – S.C. Law — Civil Practice – Discovery (access required)

Allen Smith Investment Properties, LLC v. Barbarry Properties, LLC Since defendant Barbarry Properties is a general partner in the parties’ limited partnership, Barbarry has an equal right with the partnership’s other general partners to possess partnership property for partnership purposes.

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Partnerships – Partner’s Withdrawal – Purchase of Interest – Valuation – ‘Inventory’ (access required)

EHP Land Co. v. Bosher When a partner decided to withdraw from the parties’ partnership, the partnership agreement required the partnership to pay the withdrawing partner an amount that was based in part on the partnership’s “inventory”, but the agreement did not define that term. The trial court correctly applied the ordinary meaning of “inventory.”

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Partnerships – Partner’s Withdrawal – Purchase of Interest – Valuation – ‘Inventory’ (access required)

EHP Land Co. v. Bosher When a partner decided to withdraw from the parties’ partnership, the partnership agreement required the partnership to pay the withdrawing partner an amount that was based in part on the partnership’s “inventory”, but the agreement did not define that term. The trial court correctly applied the ordinary meaning of “inventory.”

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