What is the name of your state (only U.S. law)? Idaho
We're looking at dissolution of a partnership that has existed 50 years. My partner now believes the partnership owes him additional wages for managerial skills (for a 10-year period) and his wife (now deceased 1 year) for book-keeping duties in arrears for the entire 50 year period. My wife and I provided labor and managerial duties for the partnership of equal time. When we formed the partnership, duties and profits were to be split 50-50, and they had been for the 50-year period. Can a partner legally ask for such compensation when nothing was stated in the original agreement?
We're looking at dissolution of a partnership that has existed 50 years. My partner now believes the partnership owes him additional wages for managerial skills (for a 10-year period) and his wife (now deceased 1 year) for book-keeping duties in arrears for the entire 50 year period. My wife and I provided labor and managerial duties for the partnership of equal time. When we formed the partnership, duties and profits were to be split 50-50, and they had been for the 50-year period. Can a partner legally ask for such compensation when nothing was stated in the original agreement?