Advice From Del.: Mean What You Write, Write What You Mean
August 19, 2013, 11:36 AM EDT
Law360, New York (August 19, 2013, 11:36 AM EDT) -- Limited partners in a partnership may find themselves stuck with a general partner that may not be aligned with the interest of the limited partners but yet still may have received an irrevocable interest in the partnership as a result of the work performed prior to the operation of the partnership.
This article highlights a recent case from the Delaware Court of Chancery and discusses the importance of careful drafting and calls into focus the consequences that may arise if the partnership agreement does not clearly...