Legal Question in Business Law in Florida

Re: Can one owner keep a partnership name

Changing the partnership does not change the contracts

in this case the mortgages, signed during the

partnership. The mortgage can only be rewritten

if the mortgagor agrees.

Re: Can one owner keep a partnership name

Assuming you are referring to a general and not a limited partnership:

1. The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. Unless the partnership agreement otherwise provides, acquisition by one partner of the other partner's transferable interest in the partnership does not by itself cause or necessitate dissolution of the partnership.

2. Because a partnership is an entity distinct from its partners, and because partnership property is owned by the partnership as an entity, not by the partners as coowners, real estate mortgages in the name of the partnership would not necessarily have to be rewritten merely by virtue of a change in ownership of one of the partnership interests. However, you should be aware that a partner's dissociation does not, by itself, discharge the partner's liability for a partnership obligation incurred before dissociation.

I hope this has answered your questions. Please let me know if I can be of any further assistance.