Legal Question in Business Law in California

Dropping a partner from my business- what kind of contract do I need?
After a year of being in business together, I am buying my partners share of our business. It will become a sole proprietorship after this. I have been attempting with no success to find a sample contract for the buyout details. I need a contract that bars him from claiming any ownership in the future and prevents him from incurring debt under my business name. Any help with this would be greatly appreciated.
Thanks!

Asked on 12/17/97, 2:20 pm

Gregory Brittain Gregory W. Brittain, Attorney at Law

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Partnership Buyout

There is not a standard agreement to use. In addition to the purchase price, the followingissues should be adressed.

1. Payment terms if any.

2. Non competition and trade secret protection.

3. Hold harmless clause re debts.

4. Continuing the partnership, if there are 2 or more remianing partners.

5. I believe a notice can be recorded and/or filed statng the person is no longer a partner.

6. You should also consult a CPA regarding tax consequences.

7. All terms of your agreement should be in writing.

Answered on 12/18/97, 2:56 pm

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