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White, New York Business Entities
Copyright 2017, Matthew Bender & Company, Inc., a member of the LexisNexis Group.

9-4 White, New York Business Entities 4.syn


Relations of Partners to One Another


Steven R. Gersz

Chapter Summary


Chapter 4 provides an overview of Sections 40 to 45 of the Partnership Law, which concern the relations of partners to one another.

The chapter describes the general rights of partners within a partnership, including their financial and management rights. It explains that all partners must have access to partnership books, and it describes the law mandating proper maintenance of partnership books.

Chapter 4 explains the statute that imposes an obligation on all partners to provide true, full, and honest information to other partners. It also explains the nature of the fiduciary duty imposed by statute on all partners.

Additionally, the chapter explains that partners have an equitable right to an accounting, and it describes the circumstances under which the right to an accounting arises. The chapter details the situations where partners may exercise their right to an accounting, and to bring an action at law. The chapter also covers the statute providing that a partnership can continue beyond a fixed term by actions of partners.

New York Business Entities provides comprehensive guidance on starting, maintaining, and terminating businesses in New York. The treatise is organized by statute for efficient navigation, and covers New York's business corporation, limited liability company, not-for-profit corporation, and partnership laws. Additionally, it provides detailed discussions of pre-incorporation planning, federal and state tax considerations and state securities regulation. The treatise provides the full text of each statute, authoritative analysis, practical forms, legislative history, and cross-references to related resources.


New York Partnership Law,partnerships in New York,partner relations in New York,partner financial rights,partner management rights,partnership books in New York,right to accounting in partnerships


Part V, Chapter 1 contains useful definitions of terms relevant to partnership law. See Part I, Chapter 9 for discussion on the management of not-for-profit corporations. See Part II, Chapter 7 for discussion on the management rights and duties of directors and officers of business corporations.


For national coverage of a broad scope of legal issues affecting corporate clients, see Business Organizations with Tax Planning (Matthew Bender).

For step-by-step transactional guidance through business as well as commercial matters, see New York Practice Guide: Business and Commercial (Matthew Bender).

For authoritative analysis and insightful, practical guidance on every critical corporate governance topic, including best practices guidelines concerning the rights of shareholders and the obligations of the managers and directors who run and oversee companies on their behalf, see Corporate Governance: Law and Practice (Matthew Bender).

See Liability of Corporate Officers and Directors (Matthew Bender) for expert analysis on virtually every aspect of D&O liability, loss prevention and financial protection.

See Warren's Forms of Agreements (Matthew Bender) for a comprehensive collection of well-defined, well-prefaced forms covering nearly every transaction that an attorney will encounter in a business practice, including business organization.
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