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Breach of Authority
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I am a partner in firm (along with four others, we are all equal partners) where a joint venture was set up with another firm (a limited company). The JV was set up by some of the directors of the company but others were unaware and by two of the partners in the firm I'm a partner in (but not the other three including myself).
We (the other partners) don't want to go into the JV (which I believe will be a partnership between the company and our partnership, right?). I'm doing some research and would be really grateful if anyone could tell me what action I and the other uninformaed partners could take againse the two who entered into the agreement on behalf of our partnership, please?
That would be really appreciated. Thank you very much.
James.
We (the other partners) don't want to go into the JV (which I believe will be a partnership between the company and our partnership, right?). I'm doing some research and would be really grateful if anyone could tell me what action I and the other uninformaed partners could take againse the two who entered into the agreement on behalf of our partnership, please?
That would be really appreciated. Thank you very much.
James.
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Partnerships are typically set up with a Partnership Agreement, which may cover some of the following shown at this website.
http://www.businesslegal.ltd.uk/blco/faq/llpfa q/purpose_partnership_agreement.htm
Does yours?
If there isn't an agreement to cover such things, there is pretty wide organisational flexibility about what individual partners can do.
The JVs I've seen before are set-up as a separate legal entities from any of the contributing organisations - this allows different contributors to have different sizes of stake (and in many cases there are more than 2 contributors). I suspect this isn't what you have here - it sounds like this is more of a formal agreement to joint development of something. Does the agreement detail what each party will input and what each party takes in output?
Can't comment on what action you can take against your fellow partners, sorry. BM
http://www.businesslegal.ltd.uk/blco/faq/llpfa q/purpose_partnership_agreement.htm
Does yours?
If there isn't an agreement to cover such things, there is pretty wide organisational flexibility about what individual partners can do.
The JVs I've seen before are set-up as a separate legal entities from any of the contributing organisations - this allows different contributors to have different sizes of stake (and in many cases there are more than 2 contributors). I suspect this isn't what you have here - it sounds like this is more of a formal agreement to joint development of something. Does the agreement detail what each party will input and what each party takes in output?
Can't comment on what action you can take against your fellow partners, sorry. BM
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