Legal Question in Business Law in Colorado
purchase of dissociated partner's interest?
CO Statute 7-64-701 states that the partnership is required to pay the dissociated partner his share of the partnership. What happens if the partnership offers what it thinks the share is, and the dissociated partner does not accept or dispute within the required 120 days? The partnership isn't off the hook for paying is it? What are the powers of the dissociated partner?
1 Answer from Attorneys
Re: purchase of dissociated partner's interest?
Morning,
If the partnership does not have a written agreement setting forth the valuation and manner of payment (if not, why?), then you must come to an agreement or it will be left to a court to sort out.
Get counsel on this matter. Feel free to email or call if you have questions.
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