An article on lessons in partnership law, especially for partners who own real estate together and use it to house their professional practices, written by Mitchell L. Marinello appears in a recent issue of the Chicago Daily Law Bulletin. The article discusses Vedam v. Reddi, 2013 Ill. App. 113803-U (1st Dist) and its lessons in law and practice for partners. Mitch is co-chair of the firm’s Practice Group on Close Corporations, Partnerships and Limited Liability Companies.
The lessons 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. And fourth, “there are obvious advantages to hiring a professional accountant to prepare financial figures” and whoever prepares financial claims should include their calculations.