I am in a partnership with two other people and wish to dissociate from it. We do not have a partnership agreement, but we have all invested unequal amounts of money into the business. I am only interested in getting back my investment and do not want to be a part of the business. I want to limit my liabilities if they wish to continue the business.
Can I dissociate from partnership w/o partners consent? When I dissociate am I still obligated to my current responsibilities or am I "free" from the partnership? I'm assuming the dissociation happens once my partners receive my notice to dissociate because we do not have an agreement stating otherwise.
2007-07-31 04:46:00 · 3 answers · asked by runnyBabbit 1 in Politics & Government ➔ Law & Ethics
You can withdraw from a general partnership at any time unless you have an agreement to the contrary. But you would still be liable for any partnership contracts and debts that preceded your withdrawal. You may also be unable to get back your investment if doing so would cause your former partners to lose theirs. You'd best talk to an attorney first.
2007-07-31 05:04:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can withdraw upon notice, but some states (a minority) require their consent.
You would still be obligated for any past debts, but not for any future actions by the partnership.
Laws vary by state/country, so check your local listings or consult an attorney/solicitor in your jurisdiction.
2007-07-31 04:51:16 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
You really need a lawyer for this one. It is too important to trust to people you don't even know. Do yourself a favor and get a lawyer.
2007-07-31 04:50:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋