[startupcfo]

Let’s say a partnership of 5 individuals is thinking about changing from a partnership to a different entity (C corp for example).

Does the partnership need unanimous agreement *OR* a majority of the 5 votes to make a move like that?

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[Skynet]

In a Partnership or 5 people, voting doesn't matter because the Wife has the power to Overrule everyone includig the Husband even if he is the Bread Winner of the Partnership. The 3 kids are more like Silent Partners and usually have no vote.

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[kayfcpa16]

lol @skynet

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[PurpleK]

It depends on a lot of factors, but primarily voting is something that should always be written into the governing documents.

Usually the partnership agreement will specifically lay out how voting works. For example, in a limited partnership or limited liability company, the general partner or managing member has full control to make decisions.

In a general partnership, the partners can choose to divide up voting rights equally among all the partners, or partners with larger interests may own more voting power. The governing documents will need to specify if a simple majority is enough to make decisions such as changing the entity structure, or if an unanimous vote is required.

Further the governing documents should also specify certain trigger events, such as if the death of a partner will result in the liquidation of the partnership. Even though the decision to dissolve would initially require voting, certain events such as death can be written so as to trump the votes.

[Author]

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