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Replace Arrow in the Partnership Agreement

Replace Arrow in the Partnership Agreement

Aug 6th, 2022

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How to Replace Arrow in the Partnership Agreement

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Attorney Sarah Holmes from Holmes Business Law PC addresses common questions about partnerships, specifically concerning the lack of operating or buy-sell agreements. She highlights that without these crucial documents, partners may face complications when attempting to exit a partnership. In such cases, the partnership will be governed by the default rules of the state where the business is established. For instance, in Pennsylvania, if an LLC is set up without an operating agreement, state statutes dictate the outcomes by default. Often, these statutory rules may not align with the partners' intentions, underscoring the importance of having proper agreements in place to avoid unfavorable situations.

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