It’s an age-old sitcom trope. One half of a couple defines the relationship one way, while the other half has a completely different understanding of it. Add in a third-party, and you’ve got comedy gold. But when it comes to ...

Tagged with: Partnerships

A Fayetteville law firm’s failure to have a written partnership agreement with an attorney who later left the firm created a mess that the North Carolina Business Court had to sort out in a novel decision.

Tagged with: Dissolution first impression Judge Gregory McGuire Liquidation N.C. Business Court Partnerships

Hardin v. Lewis (Lawyers Weekly No. 020-052-16, 16 pp.) (Gregory McGuire, J.) 2016 NCBC 55 Holding: When a partner withdrew from a law firm, which was operating without a partnership agreement, the partnership was dissolved. Since the firm has continued ...

Tagged with: Partnerships

Wolfe v. Archimedes Academy (Lawyers Weekly No. 15-16-0528, 17 pp.) (Mark Davis, J.) Appealed from Durham County District Court (James Hill, J.) N.C. App. Unpub. Holding: Plaintiff alleges that defendants breached two employment contracts with her; however, both contracts were ...

Tagged with: Partnerships

They’re known as P&L in the business world—profits and losses. If two companies want to set up a legal partnership, one essential requirement is an agreement to split profits. But what about losses? Do those need to be shared in ...

Tagged with: North Carolina Business Court Partnerships

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.”

Tagged with: Partnerships Valuation

Fraud - Punitive Damages - Partnerships - Real Property - Option to Purchase

Tagged with: Fraud Partnerships Punitive Damages Real Property Tort/Negligence