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Business Entities Keyed to Chiappinelli
Overland v. Scheper Kim & Harris LLP
Citation:2013 WL 4027455 (Cal. App. Aug. 6, 2013)
Overland Borenstein Scheper & Kim LLP (OBSK) was a limited liability law partnership. OBSK never had a written partnership agreement. The partners made decisions by consensus, with each partner having an equal say. OBSK did not require capital contributions by the partners and did not accumulate working capital from year to year. Because the system for determining profit shares was merit-based, the actual profit shares differed from year to year and varied considerably among OBSK partners. Scheper Kim & Overland LLP (SKO) was a limited liability law partnership that formed when Borenstein dissociated from OBSK. SKO operated in the same manner as OBSK. It had never written partnership agreement. SKO did not require capital contributions or accumulate working capital. On February 16, 2010, Overland notified the SKO partners that he would dissociate from the firm, and he requested a buyout of his partnership interest.
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