When entering a partnership, the ultimate goal is to turn a profit and enjoy the fruits of your hard work. Unfortunately, many times partnerships simply do not work out–a sad truth many partners simply refuse to realize or accept. However, sometimes it may be best to simply call it quits. An at-will partnership requires the unanimous consent of all partners to undertake major decisions. Therefore, sometimes not all partners will agree to ending the partnership, even when it is in the best interest of the partnership.
However, not all hope is lost. As a partner, you can acquire a judicial decree to end the partnership. This can be appropriate in a number of situations. Florida, which follows the Revised Uniform Partnership Act, has provided a number of such situations when a judicial decree can be acquired. The first such scenario is when the economic purpose of the partnership is unreasonably frustrated. If you can prove that the partnerships is no longer making money–and is unlikely to do so in the future–a judicial decree may be appropriate.
Another time that acquiring a judicial decree may be appropriate is when another partner has engaged in conduct making it not reasonably practicable to carry on the partnership. For example, a partner may have committed an illegal act that has harmed the partnership beyond repair, or the partner has engaged in serious waste that is harming the partnership. A judicial decree may be appropriate in such a situation.
Another scenario where a judicial decree may be appropriate is if it is impossible to continue to operate in conformity with the partnership agreement. Changed circumstances may have emerged that have frustrated the purpose of the partnership. As a result, a judicial decree may be acquired to end the partnership.
If it has become no longer reasonably practicable to carry on the business of the partnership, a judicial decree may be acquired to end the partnership. Essentially, if the partnership has become too difficult to carry on, it may be in the best interest to end the business. If you feel as though this is an option you would like to explore, you should contact an experienced legal team to take the proper steps to end the partnership. Give the Trembly Law Firm a call at (305) 431-5678 today to schedule a consultation.