Business partnership ceased to be for fixed term and became partnership at will once partnership agreement’s 30-year term expired; thus partnership was subject to state law provisions governing partner retirement and partnership valuation upon dissolution; partnership agreement’s provisions concerning refusal and veto rights over sale of share to third party did not reflect “other agreement” that would govern purchase or valuation of retiring partner’s share.
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Posted on Friday, April 28th, 2006. Filed under: Business Law, Law Misc
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