Legal Question in Business Law in Tennessee
dissolve partnership
2 partners - one will be taking a job teaching in a public school in Tennessee - law prohibits selling to public school if employed by school system - we need to terminate the partnership - IRS says send statement of change in partnership (we will be replacing the partner) - does partnership dissolve when form is mailed or processed by IRS - she can't take the job until partnership is legally dissolved - is there an exact date - is there something else that must be done?
Asked on 8/27/07, 11:10 pm
1 Answer from Attorneys
Robin Gordon
Gordon Law Group, PLC
Re: dissolve partnership
The dissolution of the partnership is a contractual issue and would be effective upon execution of such agrewement. The tax implications would need to be discussed with an accountant.
Answered on 8/30/07, 5:08 pm
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