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LegalCornerTM - Partnerships F.A.Q.'s

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Q.How long do I have to sue for breach of a partnership agreement?

A.Generally, the statute of limitations for breach of a WRITTEN contract is 4 years from the date of the BREACH; while the statute of limitation for a breach of an ORAL contract is 2 years from the date of the BREACH. Thus, within four, or two, years following the first breach of the agreement, you must have a lawsuit filed.

As long as the partnership exists, the partners are fiduciaries of one another and have a high duty of fair dealing, the breach of which could also be cause for a lawsuit, in addition to or perhaps instead of a contract action on the partnership agreement. If the amounts now involved don't warrant hiring an attorney, you may be best off just negotiating the best terms you can and moving on.

If the partnership has terminated, either by agreement or by operation of law, your rights are limited by the California Uniform Partnership Act. Partnerships are rather fragile entities, and the withdrawal of all but one partner would doubtless cause a termination.

Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.