Legal Question in Business Law in Tennessee

Dissolving a Partnership

I would like to dissolve a partnership. I am the only one that invested money. It is a Trucking Company. Both truck that were financed are in my name but the Company federal I.D. # was used. Will I loose all I have invested and signed my name to or am I due compensation? My partner thinks he owes no money and has to pay nothing?


Asked on 12/13/06, 8:24 pm

1 Answer from Attorneys
Alan Crone Crone & McEvoy, PLC

Re: Dissolving a Partnership

Dissolving a partnership is a lot like a divorce. You are entitled to half of the assets and half the debt. So is your partner. Now, that could all change based on several equitable factors. The fact that you invested the most money will be very key. Whether or not you have a written partnership agreement is also very important. You should go see an attorney about this situation and develope a plan to resolve this problem. It can get out of hand very quickly if you do not approach it correctly.

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Answered on 12/14/06, 11:14 am


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