Partnership Agreement - Who Can Decide When To Sell?

[Matt Liu]

If I have a real estate partnership, how do we decide when to sell the property? Is it true that under the Uniform Partnership Act, anyone in the partnership can request out of the deal pretty much when they want? Basically, at least from what I read, they can force the other partners to buy them out of the deal at any time (based on current appraisal), and if they can't afford it, they can actually force liquidation.

[Douglas Peterson]

You are just bumping into the tip of the iceberg of partnerships. Having clear exit plans is a start. You now must address the reasons why the exits happen. Almost always it's due to partners fighting. One major issue is not having clear expectations of who is going to do what in the business and how decisions will be made.