But, IS Loss Sharing an “Indispensable Element” of Partnership? Not If You Contract Around It.
Can a partnership exist if the agreement doesn’t address profit and loss sharing? In the latest New York Business Divorce post, Beck Baek analyzes Epstein v. Cantor, where the Appellate Division reaffirmed that parties can contract around the default rules of New York’s Partnership Law when their relationship is governed by a written agreement.