Legal Question in Business Law in Tennessee
Partnership Dissolution
3 Partners will sign and dissolve the partnership the fourth won't. We can cancel the Business License (His name was previously removed) What else can we do?
The remaining 3 partners want to continue the venture the other one wants out, but refuses to release without us covering his debts. The company has no profit. We equally shared the debt.
1 Answer from Attorneys
Re: Partnership Dissolution
The three of you can dissovle the partnership and start fresh any time you want to do so. What will remain will be to wind up the affairs of the prior partnership. Divisions of assets and debts are done based on any partnership agreements, the practice of the parties, and Tennessee law. Some of the fourth partners' debts may be subject to reimbursement if they were certain kinds of partnership expenses. Conversly the departing partner may also be liable for other partnership debts. You should consult an attorney about your specific situation.
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