Lessons for Business Partners Who Own Real Estate Together to House their Professional Practices

A great article on lessons in partnership law (link), especially for partners who own real estate together and use it to house their professional practices, appears in a recent issue of the Chicago Daily Law Bulletin. It was written by my partner Mitchell L. Marinello on Vedam v. Reddi, 2013 Ill. App. 113803-U (1st Dist) and the case’s lessons which include:

  • First, “that partners, through their actions, can terminate a written partnership agreement though silent abandonment or can extend a partnership agreement that would otherwise be expired by continuing to adhere to its provisions.”
  • Second, “a co-tenant who voluntarily abandons real property is generally not entitled to rent from a co-tenant who continues to occupy the premises.”
  • Third, “litigants need to be vigilant in defending their rights,” through appeals and cross-appeals if necessary.
  • Fourth, “there are obvious advantages to hiring a professional accountant to prepare financial figures” and whoever prepares financial claims should include their calculations.

(This is for informational purposes and is not legal advice.)

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This entry was posted in Extending a Partnership Agreement, Silent Abandonment, Terminating a Partnership Agreement and tagged . Bookmark the permalink.

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