Legal Question in Business Law in Illinois
Business
My husband entered into a business partnership with a friend and for the past 8 months his friend abandoned the business, is there any way we can have him removed from the business?
2 Answers from Attorneys
Re: Business
Is this business organized as a partnership? Are there only two partners? The partnership needs to be dissolved and either a new partner brought in, or dismantle the partnership and have your husband become a different corporate entity. You should have an attorney take a look at the partnership agreement to determine what needs to be done.
Re: Business
You should dissolve the partnership if it was a formal partnership. If informal, have an attorney draft an appropriate document to reflect the noninvolvement, any consideration exchanged, the division of assets etc.
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