How do I get my name off of a business partnership?

Question

I opened a business with a partner, and have since parted ways. I think my name is still filed on the state paperwork, which isn't a huge deal but if my ex-partner ever gets into trouble, I imagine I'd be in trouble, too. Should I just go down to the city office and have my name removed or is it more complicated than that?

Answer 1

This is really a legal issue. You will have to find a lawyer that specializes in general corporate law and find out the legalities of being removed as a partner. The outcome will greatly depend on a few things. You may also consult the Small Business Administration and IRS websites for more information.

Answer 2

There may be 2 separate issues - the legal issue of a partnership and maybe a tax issue. This could be very simple or it could be more complicated. Incorporations are not done at a city level. They are granted at the state level.

I am not a lawyer and cannot give you any legal advice. If it were me, at the very least, I'd send my partner a letter, certified, return receipt requested, stating that the partnership was terminated as of XXXX date.

Depending on how much actual business took place (Did you ever make any money?) I'd pay a lawyer for an hour of time for formal advice. You DO have a copy of any papers you signed, don't you?