WHN ENDING A BUSINES PARTNERSHIP WHAT MUST I DO LEGALLY?

Question

WHN ENDING A BUSINES PARTNERSHIP WHAT MUST I DO LEGALLY?

Answer 1

Everything.

Doing any of it not legally is illegal.

Answer 2

oh.,, it is not what they said., it is what the law says, ,,, u need to file for a suit in the registrar of firms for disollution of partnership along with claims for u r share in the deed., apart from this u can continue to do the business of ur own unless the original deed prevents u from this.

see u

if u have more querries then ask me

Answer 3

refer back to the original legal agreement that created the partnership and follow what was then agreed. If you don't have a legal agreement then you have to hope that your partner is willing to reach an agreement with you that you should then have sealed in a legal process. Basically, you need to have a clear idea of who brought what into the partnership in terms of assets and skills and work it out from there. Make sure that any settlement is fair and equitable and reflects the contribution each made to the partnership

Answer 4

Well...Janeyb008.....that depends if you're legally blonde.  For your protection, whatever you do in a business partnership, do it legally.  It will save you from having to pay for any debts after your partnership is dissolved.

By the way...all blondes are not dumb.  I know some verrry smart ones. You need a lawyer to draw up a document of the dissolution.  It would be easier if your partner were to "buy" you out.  Even if it's for a buck.  That way, he or she naturally assumes any and all debts, taxes, etc.  Yes, in either case, you need a lawyer to draw up the proper documents.

Answer 5

A formal partnership would have a written agreement   between the partners and this should state details about cancellation requirements. If there was no such written agreement in place then you need to discuss the terms and reach agreement with your partner. Whichever is the case you need to settle financially all debts including taxes and profits.

Answer 6

If there was any written agreement,dissolve the parnership legally with the help of advocate.The original agreement may be containing the terms of dissolution.Once the parnership is dissolved notify in local daily that you have no liability under the old agreement and parnership stands dissolved.

Answer 7

My husband and I ended a business partnership with a trip to a lawyer stipulating everything that our offer was.  We agreed to pay them a certain amount of money, along with statements like:   No public opinions about ____ and their company, etc...etc....make sure you put everything in writing.   This not only protects you, but your ex-partner......