At Will Partnership

The video explains the differences between at-will and planned partnerships. At-will partnerships arise by default when two or more individuals engage in a commercial activity without formal agreements, allowing partners to leave at any time. In contrast, planned partnerships involve a formal agreement specifying the partnership's purpose, duration, and terms, with potential legal consequences for breach. At-will partnerships follow default rules for ownership, decision-making, liability, and profit distribution, while planned partnerships allow for customization of these aspects. The video highlights the importance of partnership agreements in defining roles and responsibilities.

What could happen if partners fail to adhere to a partnership agreement?

Explain the significance of fiduciary duties in a partnership.