Dispute over contributions, profit sharing and accounting records
The partners of a legal practice disagreed over their contributions to the business and profit sharing and the authenticity of the accounting information.
A report was prepared as to the records kept and the value of the partnership assets including goodwill, and the means by which a settlement providing for one of the partners to leave could be financed. A settlement agreement was then negotiated by the lawyers, with one partner taking over the whole of the business.
