Legal Question in Real Estate Law in Pennsylvania
joint venture sale
can the general partner of one entity of a two entity joint venture bind the joint venture by signing an agreement of sale-both entities own an undivided one half interest and the general partner who signed did not have the others ok yet signed for the joint venture affirming that he had the authority and consent to sell
2 Answers from Attorneys
Re: joint venture sale
look at your operating agreement and see what it sayd regarding management and decision making. If you dont have one, you should draft one and have all the partners sign and agree to it.
Re: joint venture sale
I suggest you consult legal counsel. A general partner may be able to bind the partnership under certain conditions. It is difficult to properly answer this question without a detail review of all documentation regarding the joint venture. In the absence of an agreement, the general partner would have difficulty binding the other entity to the contract. Gerald Hershenson Esq. 215-579-9390
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