I would like some information on how to legally end a partnership. I don't have a buyer but I would like to be out of the partnership. Is my partner legally bound to buy my part or am I "screwed" if I don't want to be in the partnership anymore?
Thanks
2007-01-08 07:17:57 · 5 answers · asked by Sexygal 1 in Politics & Government ➔ Law & Ethics
Pistols at dawn, it's the way of the South ...
2007-01-08 07:20:23 · answer #1 · answered by zappafan 6 · 0⤊ 1⤋
While I was typing everyone answered ahead of me.
Never Go into any Partnership without a legal contract. It sounds like you do not have a contract or you would not be asking this question. How much money did you contribute to this venture? Sit down and talk to your partner and tell him you want out and ask him to buy you out.It can work either way, you can buy him out or he can buy you out. SEE A LAWYER. Where I wrote HIM it also goes for HER. So do not get bent out of shape girls.
2007-01-08 07:47:51 · answer #2 · answered by Flo-Jean 2 · 0⤊ 0⤋
Talk to your Tax Attorney, if you used one to set up the company. Or try the sites below as a resource. You might find the answer there. The last site is an affordable way to get in touch with a TOP Law Firm in your state. Hope this helps.
2007-01-08 07:23:11 · answer #3 · answered by citronge69 4 · 0⤊ 0⤋
if it is just set up by word of mouth, meaning you are just a DBA, then if partner doesn't want to buy you out yet you want to leave and don't wish to sell your share, then you are screwed.
if you are a S corp, LLC, Corporation, Inc, then talk to your attorney that set up the company legally. He has the answers you seek.
2007-01-08 07:20:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
in missouri? just leave.
2007-01-08 07:20:42 · answer #5 · answered by Anonymous · 0⤊ 1⤋