Legal Question in Business Law in Florida

Re: sole proprietor of business but partners with a corporation

I'm not sure how to answer this because I know it is a follow-up to my previous answer suggesting that you are a sole proprietor in partnership with a corporation. I don't want you to assume that is correct because I was just guessing based upon limited facts presented.

But, if it is a fact that you are in a partnership, you can't - and shouldn't - really just walk away. You can take your sole proprietor licenses, walk away, and still be a sole proprietor, but .... that doesn't help much. "The business" (its value, its assets, its goodwill) are a partnership, so the assets must be divided in some equitable manner (based on contribution, or 50/50, or other). You can't just take "the business" and walk away. To distance yourself from the corporation by resigning as officer and relinquishing your shares is another matter. You may do that separate and apart from "the business" which is collectively run as a partnership. However, I advise AGAINST doing that without very careful legal advice because you will be divesting yourself of rights. For example, if that corporation is 50% owner of the "the business" partnership (50% sole proprietorship, and 50% corporation), and if you are 24% owner of the corporation, then that actually could make you 62% owner of the partnership (if my math is right). See?

This is why you need an attorney to really get into this and 'get his hands dirty' so-to-speak. I don't believe you will be able to get comprehensive advice - or even really sound business / legal advice - in this type of forum. Please retain an attorney to protect your rights.

Re: sole proprietor of business but partners with a corporation

And, it is also very important that the corporation is the holder of 2 of the 3 bank accounts for "the business." I doubt you want to just walk away from that. [facts come from previously asked Q]