The Colorado Uniform Partnership Law governs Colorado business partnerships. The rights and responsibilities of partners are outlined in this law, as are the procedures for resolving disagreements.
The Colorado Uniform Partnership Law has the power to void the provisions of a partnership agreement in certain circumstances, even though a partnership agreement—a contract between the partners pertaining to the partnership—will likely also be relevant to a dispute.
Even if you do not consider yourself in a partnership, you may still be subject to the Colorado Uniform Partnership Act under Colorado law. The Colorado Uniform Partnership Law may apply to your dispute regarding certain types of joint ventures or even an oral agreement to divide profits and losses.
In contrast, if you want to sue a business partner, you may need to follow different laws if your company is organized as a corporation or a limited liability company (an “LLC”), such as the Colorado Corporations and Associations Act or the Colorado Limited Liability Company Act.
Let’s say you’re involved in a partnership dispute in your Colorado business. In that case, it is essential to know your rights and responsibilities under the Colorado Uniform Partnership Law and how they relate to any partnership agreement you may have. When you have business legal questions, it is important to speak with a Denver Business Attorney.