Legal Question in Business Law in California
My business partner is moving out of the area. She doesn't want to continue doing the business in her new area, but would like to continue doing the business myself.
What are my legal and financial obligations to her. The business has no assets or inventory. It is Interior Design.
1 Answer from Attorneys
Assuming your business is truly a general partnership (which is likely, unless it is a corporation or an LLC), laws governing a split-up are contained in California's Revused Uniform Partnership Act (the RUPA), which is found at sections 16100 et seq. of the Corporations Code, The rules provided by law are largely default rules and can in substantial part be modified by the partners' express agreement in their partnership agreement (if there is one). I'd be happy to provide further suggestions, at no charge, if you contact me to go over some specifics.
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