You have formed a partnership where you and your partner each own 50% of the company (assume there are no articles of co-partnership). Your business relies on a part from a vendor that has just gone bankrupt. Without that part, your company will also go bankrupt. You have a arranged to buy the machine that makes the product, but your partner says they do not want to purchase the equipment. You have found no other options to procure this part, and your company be unable to fulfill orders starting next month. Which of the following options are available to you as a 50% partner?
You can go ahead and buy the equipment. 50% is enough ownership to make that kind of decision.
You can go ahead and buy the equipment. Because you are personally liable, you can always make decisions that are in the best interest of the business.
You cannot buy the equipment. You can only override a 50% partner on minor financial decisions. This decision is too large.
You cannot buy the equipment. 50/50 partners must always agree in order for any decision to be made.