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    4 Replies Latest reply on Dec 7, 2009 4:14 AM by HenryZL

    Getting Rid of Partner... Not the Business

    Mrs2009 Newbie
      I have only had my business (which I registered as an 'inc.') for 5 months and now it is at the stage where it can really start picking up. In the 5 months, we have only had 3 customers, who still owe balances to us.
      Thorough out the partnership, I have been the only hard working promise keeper.
      I edited a few "free sample" partnership agreements, had them signed and notarized... and thats how we began. Although we had a simple beginning, I want to end the partnership correctly, especially since I want to keep the business.

      Do I need to dissolve, withdraw or retire the partnership?
      There are so many different terms and documents to choose from and I have a very limited budget to complete this task.

      Also, are paid legal services like legalzoom or similar companies suitable or do I need to hire a lawyer?
        • Re: Getting Rid of Partner... Not the Business
          bm911tax Adventurer

          There are many unknowns:


          If you incorporated you CANNOT have any partners, so this is not a partnership. When you formed your corporation did you put those people as officers or shareholders on the articles of organization and corporate bylaws? I am not sure what you signed and what the "partners" signed but it definitely seems that the whole setup was done wrong from the start.


          Wow, many times people try to save few $$ and do legal or tax work on their own. But when the problem accurse those people actually did more harm to themselves than good and at the end it costs them 3 times as much.




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