question.jpgIn Business Law

Does a partnership have to have meetings?

Unlike corporations and limited liability companies, partnerships are not generally required to hold any form of annual meeting. Thus, partnerships can simply hold meetings at any time they feel such a meeting is necessary - for example, to address large issues, such as voting a new partner in or kicking a current partner out, changing the business plan, undergoing a large financial transaction, etc. Unless the partnership agreement says otherwise, any partner can generally call such a meeting, and this can be done by simply providing written notice to the other partners. While not necessary, someone should record the minutes of any such meeting, maintaining a written record of who was at the meeting, where it took place, who ran it, what happened and any decisions which were made.