In business, do all partners have to come to a agreement before a decision is made?
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Submitted 256 days ago...
In business, do all partners have to come to a agreement before a decision is made?
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Answer 2 / 3 - Submitted 256 days ago...
According to the scheme of partnership laws all the partners are agents of the partnership firm and any partner can enter into an agreement on behalf of the firm and that agreement would be binding upon the other partners. But if there is a provision in the partnership agreement that all decisions would be made by consencess then any aggreived partner can go to the court for the dissolution of partnership and for recovery of damages. Even in that situation the agreement made by the partner without the consent of the other partner would be binding upon the firm and the other party can get it enforced.
First question - Is it right..... Not if it is a new partnership - why start off with a negative to the partnership. Are you listening to wht he doesn't want the new van yet? In addition to the cost of the van - it being a commercial vehicle you are probably looking at having to have it insured for the standard one million dollars. Second commercial licensing of the vehicle and the drivers - another expense - have you looked at all the ancillary expenses you will be dealing with - specially if the business is new and your trying to get it off the ground? I don't know if this is what the third partner is considering - but I would be... trying to get a new business started and then wanting to toss on extra expenses that may or may not work... get the business going good - then get a vehicle. A vehicle is an expensive undertaking for a small business.
Is it right - no, is it legal - yes
This Question was awarded 252 days ago therefore you can no longer post an Answer. However you may post a comment below.
Thsi was the best answer. The other answer was also good, and answered the question as to why the thied party doesn't want the expense, and I thank you for it. The first answer answered the question for the legal point, and this is what I was looking for. Thank You both for your answers it really help me.
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