Wisconsin Statutes 178.0410 – Actions by partnership and partners
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 178.0410
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.
(2) A partner may maintain an action against the partnership or another partner, with or without an accounting as to partnership business, to enforce the partner’s rights and protect the partner’s interests, including rights and interests under the partnership agreement or this chapter or arising independently of the partnership relationship.
(3) A right to an accounting on dissolution and winding up does not revive a claim barred by law.