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Source Business Judgment Rule Complete Business Associations List Matched to this deck.

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0 tracked cards Business Associations

A partner sold "my entire interest in the partnership" to an outside investor. The other partners did not consent to admitting the investor as a partner. The investor now demands the right to vote on ordinary business decisions and inspect confidential customer files.
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The purchaser generally receives only the transferring partner's economic interest unless the other partners admit the purchaser as a partner. The transfer is void because partnership interests can never be transferred. The purchaser receives partnership property directly, including a share of each asset. The transfer automatically dissolves the partnership.

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