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.)

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

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