New York’s ancient and outmoded Partnership Law continues to generate litigation almost 100 years after its adoption. A case in point, featured in this week’s New York Business Divorce, is Breidbart v. Wiesenthal, decided earlier this month by the Appellate Division, Second Department, addressing the question whether post-dissolution gain on the sale of realty is included in “profits” under Partnership Law Section 73, applicable when valuing the interest of a deceased or retired partner.
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A decision last month by Albany Justice Richard Platkin in Matter of Ryan (Integra Networks, Inc.) opted in favor of the petitioners’ request to voluntarily discontinue their corporate dissolution proceeding over the respondents’ request for leave to make an untimely buy-out election. Find out why in this week’s New York Business Divorce.
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