Although limited liability entities such as the LLC and LLP have predominated since their emergence in the 1980s and 1990s, there are still numerous general partnerships in Tennessee. Moreover, new general partnerships are formed all the time, either intentionally or by operation of law as entrepreneurs associate and begin business activities. Many of these new general partnerships lack a partnership agreement with an exit provision. Upon dissociation of one or more of the partners, it is often left to the lawyers to devise a strategy for determining the value of the partners’ shares. This session will provide an overview of the applicable provisions of the Tennessee Revised Uniform Partnership Act, summarize recent caselaw in Tennessee on the topic, and discuss practical approaches to examining valuation with a general partnership.

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