How can I dissolve a general 50/25/25 partnership were I’m holding 50% share?
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How can I dissolve a general 50/25/25 partnership were I’m holding 50% share?
My business partner with his wife are comfortable where they are and do not want to end this business. In fact they never signed a partnership agreement with me it was just a verbal agreement. Business was registered under my name as a sole proprietorship, EIN issued under my SSN reflecting only my name. But due to the nature of the business there was MC number filed in FMCSA listing all of us as partners. Do I have any chance to close the business, if so do I have to send a whiten notice to them? Any time frame when this
Asked on August 15, 2012 under Business Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Unless you have a written partnership agreement signed by all parties to the business venture that you are writing about, there is no specific means for you to dissolve the venture absent state statute. One option is to have a buy out of the co-partner's interests by you.
Given the general way the business is set up and run with no written form of a dissolution or buy out, I suggest that you consult with a business attorney as to how you dissolve the business you are writing about where you do not have majority ownership in it.
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