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.)