Seven (7) Key Concepts Business Partners Must Understand When Divorcing Their Business Partner(s).

1. Default Unified Partnership Act (UPA) terms and conditions.

In the absence of a partnership agreement providing something different, the “default” provisions of Articles 6, 7 and 8 of the Unified Partnership Act (UPA) will apply.  This means a barebones general partnership agreement will be fleshed out or supplemented by terms and provisions provided by the statutes, provided by the Unified Partnership Act. [Read more…]