less than 1 minute read

Partnership

Partnership Accounting

Under certain circumstances a partner has a right to demand an accounting of the partnership's affairs. The partnership agreement, if any, usually sets forth a partner's right to a predissolution accounting. State law also generally allows for an accounting if copartners exclude a partner from the partnership business or if copartners wrongfully possess partnership property. In a court action for an accounting, the partners must provide a report of the partnership business and detail any transactions dealing with partnership property. In addition, the partners who bring a court action for an accounting may examine whether any partners have breached their duties to copartners or the partnership.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Ordinary resolution to Patients' Rights - ConsentPartnership - Formation, Relationship Of Partners To Each Other, Relationship Of Partners To Third Persons, Liability